Raise Financial Services Expands with Acquisition of GreenLife Insurance Broking

Raise Financial Services is making a strategic move into the insurance market by acquiring GreenLife Insurance Broking Pvt Ltd (GIBL), a registered insurance broker with the IRDAI. This all-cash-and-stock transaction, whose amount remains undisclosed, aims to establish a foothold in the insurance distribution sector.

Investment in GreenLife

With plans to invest $15 million in GreenLife, Raise Financial Services aims to develop a consumer-centric insurance distribution platform that prioritises technology, product innovation, and an exceptional customer experience.

About GreenLife Insurance Broking

Established in 2013 by Subir Mukherjee, GreenLife operates in over 50 cities and towns across East and North-East India, leveraging an offline distribution network. The company collaborates with more than 60 insurers, providing a range of services in life, health, motor, and travel insurance segments.

Future Plans for GreenLife

Following this acquisition, GreenLife will function as a wholly-owned subsidiary of Raise Financial Services. The company has plans to introduce a new consumer platform for insurance purchasing and management by the end of 2026. According to statements from Raise, this strategic move will facilitate the expansion of its financial services ecosystem, moving beyond just investment and wealth products towards financial protection.

The Background of Raise Financial Services

Founded in 2021 by Pravin Jadhav, Alok Pandey, Jay Prakash Gupta, and Raunak Rathi, Raise is already managing various platforms, including Dhan, Upsurge, Fuzz AI, ScanX, and Stratzy. The company receives backing from prominent investors such as Hornbill Capital, MUFG, BEENEXT, and 3one4 Capital.

Recent Acquisitions

Recently, Raise Financial Services completed the acquisition of algorithmic trading and investing platform Stratzy through a cash-and-stock arrangement. Furthermore, it took over a modern financial media startup, Filter Coffee, in January 2025, and is anticipated to acquire the wealthtech startup Infinyte Club soon.

Growth and Market Position

As of February this year, Dhan, one of Raise’s platforms, surpassed the impressive milestone of 1 million users. By April, Dhan maintained its ninth position in the market, holding a 2.3% share. Financially, Raise has demonstrated significant growth, with its revenue from operations climbing 2.3 times to reach Rs 877 crore in FY25, while profit figures stood at Rs 408 crore.