Raise Financial Services has acquired GreenLife Insurance Broking Private Limited (GIBL), an IRDAI-registered insurance broker, in an all-cash and stock transaction, marking the company's formal entry into India's insurance distribution market. The deal received all required regulatory approvals, including a change-of-control clearance.
Raise plans to invest USD $15 million in GIBL to build a direct-to-consumer insurance distribution platform, with a strong focus on product, technology, and customer experience. GIBL will operate as a wholly-owned subsidiary of Raise and is expected to launch an all-new consumer platform for buying and managing insurance by end of 2026. The company aims to build a hybrid distribution model that combines digital-first consumer experiences with advisory-led support across metro, Tier 1, and Tier 2 markets — part of a broader strategy to offer customers an integrated financial journey spanning investing, wealth creation, and financial protection.
Founded in 2013 by Subir Mukherjee, GIBL has spent over a decade driving insurance adoption across 50-plus cities and towns in East and North-East India through an offline distribution network, establishing itself as a niche B2B insurance distributor. It brings with it partnerships across major private and public sector insurance providers, covering both general and life insurance segments, along with active mandates with 100-plus enterprises serving SME and corporate insurance requirements. The platform enables customers to compare and purchase motor, health, life, and travel insurance from over 60 insurers, and offers services including one-click renewals, a policy vault, claims tracking, and renewal reminders. The 25-member GIBL team has joined the Raise ecosystem and will relocate its operations to Mumbai.
Raunak Rathi, Co-Founder and Director of Raise Financial Services, highlighted the significant opportunity in addressing structural challenges that have held back insurance adoption in India — citing lack of transparency, mis-selling, and product complexity as key barriers the company intends to tackle through a consumer-first approach. He added that GIBL's decade-long insurance expertise, combined with Raise's product and technology capabilities, presents an opportunity to reimagine how India engages with insurance. Subir Mukherjee, Founder of GIBL, noted that the acquisition gives the company access to resources and capabilities needed to scale through both online and offline channels, and pointed to strong alignment between GIBL's customer-first orientation and Raise's track record of building technology-driven businesses like Dhan and Upsurge.
Raise Financial Services is a technology-led financial services platform focused on enabling wider participation in India's capital markets. Founded in January 2021 by Pravin Jadhav, Alok Pandey, Jay Prakash Gupta, and Raunak Rathi, Raise operates consumer ventures including Dhan, Upsurge, Fuzz, ScanX, Filter Coffee, and Stratzy, and is backed by Hornbill Capital, MUFG, BEENEXT, and 3one4 Capital.
