Business leaders in a modern office discuss financial data on a large screen during an acquisition meeting.
Raise Financial Services, the parent company of investment platform Dhan, has acquired GreenLife Insurance Broking Pvt Ltd (GIBL) in a cash-and-stock deal, marking its entry into the insurance distribution sector. The acquisition aims to bolster Raise Financial’s strategy to become a full-stack fintech platform.
While the financial terms of the acquisition were not disclosed, Raise Financial plans to invest $15 million in GIBL. This investment will be directed towards developing a direct consumer insurance distribution platform, with a strong emphasis on product development, technology, and customer experience. The company intends to establish a hybrid distribution model that incorporates advisory services for customers in metropolitan areas as well as Tier I and Tier II cities.
Founded in 2013 by Subir Mukherjee, GIBL operates as an insurance broking company, facilitating online comparison, purchase, and renewal of various insurance policies, including health, motor, travel, life, and business insurance. GIBL has an established presence across East and Northeast India, supported by an offline network in over 50 cities and towns, and has also cultivated a significant role as a B2B insurance distributor.
Raunak Rathi, co-founder and director of Raise Financial, stated, “GIBL’s decade-long deep insurance expertise combined with Raise’s product and technology driven approach gives us an opportunity to reimagine how India engages with insurance.” Following the acquisition, GIBL’s team of 25 employees will join Raise Financial and relocate their operations to Mumbai.
Raise Financial, which achieved unicorn status in October of the previous year after securing $120 million in a Series B funding round, also operates other financial platforms including the stock broking platform Dhan, financial market information platform Upsurge, market research platform ScanX, and AI-driven trading insights platform FuzzAI. The company is also reportedly in discussions to acquire Bengaluru-based Infinyte Club for $10 million, aiming to expand its reach in the broader wealthtech segment.
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