Dhan parent Raise acquires GreenLife to enter insurance distribution biz
- ByStartupStory | May 13, 2026
Raise Financial Services, the parent company of stock broking platform Dhan, has acquired GreenLife Insurance Broking Pvt Ltd (GIBL), an IRDAI-registered insurance broker, in an all-cash-and-stock deal to enter the insurance distribution space, for an undisclosed amount.
The company plans to invest $15 million in GreenLife to build a consumer-focused insurance distribution platform with a focus on technology, product, and customer experience.
Founded in 2013 by Subir Mukherjee, GreenLife operates across 50+ cities and towns in East and North-East India through an offline distribution network. The company works with over 60 insurers across life, health, motor, and travel insurance segments.
Post-acquisition, GreenLife will operate as a wholly-owned subsidiary of Raise and plans to launch a new consumer platform for insurance buying and management by the end of 2026.
According to Raise, the move will help it expand its financial services ecosystem beyond investing and wealth products into financial protection.
Founded in 2021 by Pravin Jadhav, Alok Pandey, Jay Prakash Gupta, and Raunak Rathi, Raise operates platforms including Dhan, Upsurge, Fuzz AI, ScanX, and Stratzy. The company is backed by investors including Hornbill Capital, MUFG, BEENEXT, and 3one4 Capital.
The company recently acquired algorithmic trading and investing platform Stratzy in a cash-and-stock deal and took over new-age financial media startup Filter Coffee in January 2025. It is also set to take over wealthtech startup Infinyte Club.
In February this year, Dhan crossed the 1 million user mark and, as of April, the platform retained its ninth position with a 2.3% market share. On the financial front, the company has also shown strong growth, as its revenue from operations surged 2.3X to Rs 877 crore in FY25, while profits stood at Rs 408 crore.
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