Bangalore, May 13: Raise Financial Services today announced that it has acquired GreenLife Insurance Broking Private Limited (GIBL), an established IRDA registered insurance broker, in an all cash & stock deal. Raise Financial is one of emerging players in the capital markets ecosystem that runs and operates platforms like Dhan (India’s fastest growing Stock Trading platform) along with Fuzz AI, Upsurge, Filter Coffee and Stratzy.
Raise Financial Services is expected to invest USD $15 Mn in GIBL to build a direct consumer insurance distribution platform with focus on product, technology & customer experience. The foray into insurance distribution marks a strategic expansion of Raise’s broader financial services ecosystem, enabling the company to offer customers a more comprehensive and integrated financial journey spanning investing, wealth creation and financial protection.
The acquisition of GIBL and subsequent change-of-control has received all required regulatory approvals. Green Life Insurance Broking (GIBL) has partnerships across key major Insurance Providers spanning private and public sector players serving customers in general and life insurance segments. Founded in 2013 by Subir Mukherjee, GIBL has driven insurance adoption across East and North-East India covering 50+ cities and towns via its offline distribution network and has carved a niche as a B2B insurance distributor over the years.
With India’s insurance distribution market presenting a significant long-term growth opportunity driven by rising financial awareness, Raise aims to build a hybrid distribution model combining digital-first consumer experiences with strong advisory-led support across metros, Tier 1 and Tier 2 markets. Following the acquisition, the 25-member GIBL team has joined the Raise ecosystem and will relocate its operations to Mumbai.
“We believe adoption of insurance remains low in India because of lack of transparency, instances of mis-selling and complexities associated with overall understanding and importance of insurance. We are excited about building a consumer-first insurance business with GIBL that will be focussed on users from Metros, Tier 1 & Tier 2 cities and towns. 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.” said Raunak Rathi, Co-Founder & Director of Raise Financial Services.
“At the core GIBL has been focussed on bringing access to insurance across North East India via partnerships and offline distribution through use of technology. We see strong alignment with Raise’ customer first approach and its strength in building and scaling businesses like Dhan & Upsurge with focus on product & technology. Now with Raise we have access to resources that will help us build and scale Insurance to the next level via both online & offline channels.” said Subir Mukherjee, Founder of GIBL.
