Raise Financial strengthens insurance ambitions with Pluto Insurance after acquiring GIBL earlier this year
Raise Financial Services, the parent company of stock broking platform Dhan, has rebranded its recently acquired insurance broking company GreenLife Insurance Broking Pvt. Ltd. (GIBL) as Pluto Insurance, marking a significant step in its expansion into India’s fast-growing insurance distribution market.
According to sources familiar with the development, the company is also preparing to invest ₹100 crore into the newly rebranded business as it accelerates its long term strategy to build a technology-driven insurance platform. The investment is in line with Raise’s earlier commitment to invest $15 million in the insurance business following the acquisition of GIBL in May this year.
The move highlights Raise Financial’s broader vision of creating a diversified fintech ecosystem that spans investing, trading, wealth management, financial education, AI-powered tools, and now insurance distribution.
Pluto Insurance to Lead Raise’s Insurance Business
Following the rebranding, Pluto Insurance will become Raise Financial’s dedicated insurance platform, spearheading the company’s ambitions in the insurance distribution segment.
When Raise acquired GIBL earlier this year through an all-cash and stock transaction, the company stated that the acquisition would enable it to build a consumer focused insurance platform centred on technology, product innovation, and improved customer experience.
The financial terms of the acquisition were not disclosed.
With the latest investment, Raise aims to modernise insurance distribution by combining digital capabilities with an established offline network inherited from GIBL.
Building on an Established Insurance Network
Founded in 2013 by Subir Mukherjee, GIBL built a strong presence across eastern and northeastern India.
Before the acquisition, the company operated in more than 50 cities and towns, primarily through an offline distribution model.
It partnered with over 60 insurance companies, offering products across life, health, motor, and travel insurance categories.
This extensive network provides Raise with an established foundation as it expands Pluto Insurance nationally through technology enabled distribution and digital customer engagement.
The company is expected to leverage this existing infrastructure while introducing new digital products and services to improve customer acquisition and servicing.
Raise Continues to Expand Its Fintech Ecosystem
The insurance business adds another important vertical to Raise Financial’s growing portfolio.
Led by founder Pravin Jadhav, Raise operates several financial technology platforms, including Dhan, Upsurge, Fuzz AI, ScanX, and Stratzy, serving retail investors across trading, investing, education, and analytics.
The company has also been actively pursuing acquisitions to strengthen its ecosystem.
Recently, Raise acquired algorithmic investing platform Stratzy through a cash and stock transaction. Earlier, it acquired financial media startup Filter Coffee in January 2025 and is also set to acquire wealth-tech startup Infinyte Club.
These acquisitions reflect Raise’s strategy of building an integrated financial services platform covering multiple aspects of personal finance.
Financial Performance
Raise Financial has continued to grow its business despite increasing investments across new verticals.
According to an ICRA rating report, the company reported net operating income of ₹905 crore in FY26, representing a 13.8% year-on-year increase from ₹795 crore in FY25.
However, profitability declined during the year as the company continued investing in expansion.
Its profit after tax (PAT) fell 20.1% to ₹326 crore in FY26, compared with ₹408 crore in the previous financial year.
The latest investment into Pluto Insurance indicates that Raise remains focused on long-term growth despite near-term pressure on earnings.
India’s Insurance Opportunity
India’s insurance sector continues to offer significant long-term growth potential.
Increasing financial awareness, rising household incomes, greater digital adoption, and expanding demand for health and life insurance are driving growth across the industry.
Technology led insurance distributors are increasingly focusing on improving product discovery, policy comparisons, digital onboarding, and post sale customer support.
With Pluto Insurance, Raise plans to compete in this evolving landscape by combining digital capabilities with GIBL’s existing distribution network and relationships with insurers.
Outlook
The rebranding of GIBL into Pluto Insurance marks another milestone in Raise Financial’s journey to become a comprehensive financial services platform.
Backed by a planned ₹100 crore investment, the company aims to build a modern insurance distribution business focused on technology, innovation, and customer experience.
Supported by a growing portfolio of fintech businesses and strategic acquisitions, Raise appears well-positioned to strengthen its presence beyond stock broking and wealth management.
As India’s insurance market continues its digital transformation, Pluto Insurance is expected to play a central role in Raise Financial’s next phase of growth.
