- We will invest in GIBL to build an insurance distribution platform with focus on product, technology & customer experience. Building the technology infrastructure and delivering a product-first experience will be key priorities.
- GIBL will operate independently as an 100% subsidiary of Raise and aims to launch its all new consumer platform for buying & managing insurance services by the end of 2026.
We announced today the acquisition of GreenLife Insurance Broking Private Limited (GIBL), an established IRDA-registered insurance broker, through an all-cash-and-stock deal. As one of the emerging players in India’s capital markets ecosystem, we operate a growing suite of platforms including Dhan, India’s fastest-growing stock trading platform, along with Fuzz AI, Upsurge, Filter Coffee, and Stratzy.
We are 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, we aim 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 have joined our ecosystem and will relocate the operations to Mumbai.Â
“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.
About Raise Financial Services
Raise Financial Services (raiseholding.co) is a technology-led financial services platform focused on enabling wider participation in India’s growth through the capital markets. As a new generation of financially aware Indians seeks high-quality, efficient investing experiences, Raise is building modern products designed for both active traders and long-term investors, with a strong emphasis on product, technology, customer experience and AI.
Raise operates multiple consumer ventures & products including – Dhan (dhan.co), Upsurge (upsurge.club), Fuzz (askfuzz.ai), ScanX (scanx.trade), Filter Coffee (filtercofee.co) and Stratzy (stratzy.in).
Raise was founded in January 2021 by Startup Leader and Serial Entrepreneur – Pravin Jadhav, along with Alok Pandey, Jay Prakash Gupta, and Raunak Rathi. Raise is backed by Hornbill Capital, MUFG, BEENEXT and 3one4 Capital along with the best technology entrepreneurs and leaders from the Indian startup ecosystem.
About GIBL
GreenLife Insurance Broking Pvt. Ltd (GIBL) is a leading IRDAI-licensed insurance platform, founded in 2013. It enables customers to compare and purchase motor, health, life, and travel insurance from over 60 insurers. GIBL is focused on delivering personalised, value-added services such as one-click renewals, a policy vault, claims tracking, interactive Q&A, and renewal reminders. The company also holds active mandates with 100+ enterprises, serving SME and corporate insurance requirements.
