Raise Financial Services, the holding company of the stock trading platform Dhan, has recently acquired GreenLife Insurance Broking as part of its formal entry into the insurance distribution sector, further diversifying its portfolio beyond broking and algorithmic trading.
The transaction, executed through a combination of cash and stock, follows a series of aggressive inorganic plays by the Mumbai-headquartered firm. This year alone, Raise has consolidated its position by acquiring algorithmic trading platform Stratzy and financial media startup Filter Coffee. While the exact valuation of the GreenLife deal remains undisclosed, the acquisition signifies a transition for Raise from a pure-play investment shop to a broader financial services conglomerate.
Building Tech
Established in 2013 by Subir Mukherjee, GreenLife Insurance Broking brings a decade of operational history to the table. The firm has traditionally focused on eastern and northeastern India, maintaining an offline distribution network across 50 cities. With a portfolio covering 60 insurers across life, health, motor, and travel segments, GreenLife provides the regulatory licensing and domain expertise that Raise requires to scale.
Raise Financial has committed an investment of $15 million into GreenLife to overhaul its existing infrastructure. The objective is to construct a consumer-centric distribution engine that leans heavily on technology and product design. Following the integration, GreenLife will operate as a wholly-owned subsidiary, with its 25-member team shifting base to Mumbai to align with Raise’s core operations.
“We believe adoption of insurance remains low in India because of the lack of transparency, instances of misselling, and complexities associated with the overall understanding and importance of insurance,” said Raunak Rathi, Co-founder and Director of Raise Financial Services.
Hybrid Models
The strategy involves a hybrid distribution approach, blending GreenLife’s ground-level reach in smaller towns with Raise’s digital-first product stack. By targeting Tier 1 and Tier 2 markets, the company aims to address the trust deficit and the steep climb usually associated with purchasing complex insurance products in India.
The acquisition comes at a time when Raise is flush with capital. The company entered the unicorn club last year after a $120 million funding round and has raised nearly $150 million to date. Investors such as Hornbill Capital, Mitsubishi UFJ Financial Group, BEENEXT, and 3one4 Capital have backed the firm’s vision of creating a multi-product financial ecosystem.
“GreenLife’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,” Rathi added, pointing toward a shift in how the firm intends to pitch protection products to its existing user base.
Market Share
The timing of this expansion aligns with the steady growth of Dhan, which surpassed the one-million-user mark in February. As of April 2026, the platform held a 2.3% market share in the competitive Indian broking space. By adding insurance to the mix, Raise is clearly attempting to increase the lifetime value of its customers and plug any potential cash leak to competitors who already offer "all-in-one" financial baskets.
Since its founding in 2021 by Pravin Jadhav, Alok Pandey, Jay Prakash Gupta, and Raunak Rathi, Raise has rapidly expanded its umbrella to include Dhan, Upsurge, Fuzz AI, ScanX, and Stratzy. This latest acquisition suggests that the firm is ready to test its mettle against established incumbents in the insurance space, betting that a clean, transparent interface can convert traders into long-term policyholders. The true test will lie in how effectively the team can migrate GreenLife’s offline DNA into a high-speed digital environment.
