Raise Financial Services, the parent company of Dhan, has acquired GreenLife Insurance Broking Pvt Ltd (GIBL) in an all-cash-and-stock transaction, marking its official entry into India’s insurance distribution market. The acquisition, for an undisclosed amount, is part of Raise’s broader strategy to build a full-stack financial services ecosystem beyond investing and wealth management. The company has committed $15 million in fresh capital to scale GreenLife’s technology, product capabilities, and customer experience platform.
Key Highlights
- Raise Financial acquires GreenLife to enter India’s growing insurance distribution market with $15 million investment.
- Dhan parent strengthens fintech ecosystem beyond broking with digital insurance platform launch planned for 2026.
Founded in 2013 by Subir Mukherjee, GreenLife is an IRDAI-registered insurance broker with operations spanning 50+ cities across East and North-East India. The company works with more than 60 insurers across life, health, motor, and travel insurance categories through a strong offline distribution network. Following the acquisition, GreenLife will operate as a wholly owned subsidiary of Raise and is expected to launch a new digital-first insurance buying and management platform by the end of 2026, aimed at simplifying policy discovery, purchase, and servicing for retail consumers.
The move significantly expands Raise’s fintech ambitions. Founded in 2021 by Pravin Jadhav, Alok Pandey, Jay Prakash Gupta, and Raunak Rathi, Raise has rapidly emerged as one of India’s most active financial technology firms. Its portfolio includes Dhan, Upsurge, Fuzz AI, ScanX, and Stratzy, with backing from prominent investors including Hornbill Capital, MUFG, BEENEXT, and 3one4 Capital. Over the past year, Raise has aggressively expanded through acquisitions, including algorithmic investing platform Stratzy, financial media startup Filter Coffee, and the upcoming integration of wealthtech startup Infinyte Club.
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The acquisition also comes at a strong growth phase for Dhan, which crossed the 1 million user milestone in February 2026 and retained its ninth position in India’s brokerage market with a 2.3% market share as of April 2026. Financially, Raise has demonstrated sharp momentum, with FY25 revenue from operations surging 2.3x to Rs 877 crore, while profits stood at Rs 408 crore, underlining investor confidence in its platform-led expansion model.
Recent IRDAI and industry reports estimate India’s insurance market could grow at double-digit CAGR through 2030, driven by rising financial awareness, regulatory digitisation, and increasing adoption of embedded finance products.
