Raise Financial Services, the parent company of stock broking platform Dhan, has rebranded GreenLife Insurance Broking Pvt Ltd (GIBL), the insurance broker it acquired in May this year, as Pluto Insurance, according to sources familiar with the matter. The move comes as the company doubles down on the insurance distribution space and prepares to investRs 100 crorein the newly rebranded entity. The investment aligns with Raise’s earlier commitment to invest$15 millionin the insurance business following the acquisition. Raise had acquired the IRDAI registered insurance broker in an all cash and stock deal for an undisclosed amount. At the time, the company had said the acquisition would help it build a consumer focused insurance distribution platform with an emphasis on technology, product innovation, and customer experience. Founded in 2013 by Subir Mukherjee, GIBL operated across more than 50 cities and towns in East and North East India through an offline distribution network, working with over 60 insurers across life, health, motor, and travel insurance segments. With the rebranding, Pluto.hq will spearhead Raise’s insurance ambitions and operate as its dedicated insurance platform. Led by Pravin Jadhav, Raise operates platforms including Dhan, Upsurge, Fuzz AI, ScanX, and Stratzy. The company is backed by investors such as Hornbill Capital, MUFG, BEENEXT, and 3one4 Capital. The insurance business adds to Raise’s growing portfolio of acquisitions. Recently, the company 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 acquire wealthtech startup Infinyte Club. On the financial front, Raise reported a13.8%increase in net operating income toRs 905 crorein FY26 fromRs 795 crorein FY25, according to an ICRA rating report. However, its profit after tax declined20.1%toRs 326 crorein FY26 fromRs 408 crorein the previous fiscal. Entrackr has reached out to Raise Financial for comments. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
