Dhan parent company enters insurance distribution with GreenLife acquisition

Raise Financial Services, the parent company of stock trading platform Dhan, has acquired GreenLife Insurance Broking as it expands into insurance distribution.

The acquisition, which is structured through a mix of cash and stock, marks the company's entry into the insurance broking business following earlier acquisitions in algorithmic trading and media.

It previously acquired algorithmic trading platform Stratzy in a cash-and-stock transaction earlier this year and acquired financial media startup Filter Coffee in January 2025.

The company did not disclose the transaction value.

Founded in 2021 by Pravin Jadhav, Alok Pandey, Jay Prakash Gupta and Rathi, Raise Financial operates platforms including Dhan, Upsurge, Fuzz AI, ScanX and Stratzy.

The company entered the unicorn club last year after raising $120 million and has secured nearly $150 million in funding to date from investors including Hornbill Capital, Mitsubishi UFJ Financial Group, BEENEXT and 3one4 Capital.

It would invest about $15 million in GreenLife to build a consumer-focused insurance distribution platform centred on technology, products and customer experience.

Founded in 2013 by Subir Mukherjee, GreenLife operates across more than 50 cities and towns in eastern and northeastern India through an offline distribution network. The company works with over 60 insurers across life, health, motor and travel insurance segments.

Following the acquisition, GreenLife will become a wholly owned subsidiary of Raise Financial. Its 25-member team will relocate operations to Mumbai, while the combined business plans to develop a hybrid distribution model targeting tier 1 and tier 2 markets.

“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.

“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,” he added.

In February, Dhan crossed one million users, while the platform held a 2.3% market share in April, 2026.