Pluto Insurance: Raise Financial Services Pushes into Insurance Distribution
Pluto Insurance, formerly known as GreenLife Insurance Broking Pvt Ltd (GIBL), has been reintroduced by Raise Financial Services, the parent company behind the stock broking platform Dhan. Industry insiders report that this rebranding follows Raise’s acquisition of GIBL earlier in May and signifies a strong focus on the insurance distribution sector. Raise Financial Services is set to invest Rs 100 crore in the rebranded entity, which reinforces their previous commitment of $15 million to boost its insurance operations after the acquisition.
Acquisition Details and Focus on Consumer-Centric Solutions
The acquisition involved both cash and stock for a sum that has not been disclosed. At the time, Raise stated that the takeover was aimed at constructing a consumer-centric insurance distribution model, heavily emphasising technology, product development, and improved customer service.
History and Reach of Insurance Broker GIBL
Initially founded in 2013 by Subir Mukherjee, GIBL has been active across over 50 cities and towns in the Eastern and North-Eastern regions of India, utilising an offline distribution approach and collaborating with more than 60 insurance providers covering life, health, motor, and travel insurance.
Launching Pluto Insurance
With its new identity, Pluto Insurance will lead Raise’s objectives in the insurance industry and will serve as its specialised insurance platform. Pravin Jadhav is at the helm of Raise, which also operates various platforms including Dhan, Upsurge, Fuzz AI, ScanX, and Stratzy.
Investments and Broader Acquisition Strategy
Raise Financial Services is supported by notable investors such as Hornbill Capital, MUFG, BEENEXT, and 3one4 Capital. The addition of the insurance sector aligns with Raise’s expanding array of acquisitions. In a recent move, the company acquired the algorithmic trading and investment platform Stratzy in another cash and stock transaction, while also taking control of the new-age financial media startup Filter Coffee in January 2025. Furthermore, Raise plans to acquire the wealthtech startup Infinyte Club soon.
Financial Performance Overview
On the financial front, Raise reported a significant 13.8% increase in net operating income, reaching Rs 905 crore in FY26 compared to Rs 795 crore in FY25, as indicated by an ICRA rating report. Nevertheless, their profit after tax dropped by 20.1%, falling to Rs 326 crore in FY26 from Rs 408 crore in the previous fiscal period.
Startup Superb has reached out to Raise Financial for further comments.