The transaction, structured as a cash and stock deal, has received all required regulatory approvals, the company said.
Following the acquisition, GIBL will operate as a wholly owned subsidiary of Raise Financial Services. The company plans to invest around $15 million in GIBL to develop an insurance distribution platform focused on product development, technology infrastructure, and customer experience.
GIBL, an IRDAI-registered insurance broker, will continue to function independently within the Raise ecosystem. It is expected to launch a new consumer-facing platform for buying and managing insurance services by the end of 2026.
Founded in 2013, GreenLife Insurance Broking Private Limited operates as an insurance distributor with partnerships across life and general insurance providers. It currently serves customers through both digital and offline channels across more than 50 cities and towns, with a presence in East and North-East India.
As part of the transition, the 25-member GIBL team has joined Raise Financial Services and will relocate operations to Mumbai.
The company said the move is aimed at expanding its broader financial services ecosystem, which already includes platforms such as Dhan, Upsurge, Fuzz AI, ScanX, Filter Coffee, and Stratzy. Raise Financial Services operates across investing, trading, and wealth-focused digital products.
Speaking on the development, company experts said the insurance business would combine digital-first tools with advisory-led distribution to target customers in metro and smaller cities.
GIBL’s founder, Subir Mukherjee, said the partnership would help scale operations using Raise’s technology capabilities.
Raise Financial Services was founded in 2021 and is backed by investors including Hornbill Capital, MUFG, BEENEXT, and 3one4 Capital.
