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Weeks after acquiring algo-trading platform Stratzy, fintech unicorn and Dhan parent Raise Financial Services has acquired GreenLife Insurance Broking Pvt Ltd (GIBL) in a cash-and-stock deal.

However, the unicorn did not disclose the financial terms of the deal.

The acquisition will mark the startup’s foray into the insurance distribution space as it looks to become a full-stack fintech platform. It plans to invest $15 Mn in GIBL to build a direct consumer insurance distribution platform with major focus on product, technology & customer experience. Raise aims to build a hybrid distribution model with advisory-driven support across metro, Tier I & II markets.

Founded in 2013 by Subir Mukherjee, GIBL is insurance broking company that helps users compare, buy, and renew insurance policies online across categories such as health, motor, travel, life, and business insurance. It has expanded its services across East and Northeast India through its offline network spanning over 50 cities and towns, while also building a strong presence as a B2B insurance distributor over the years.

“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,” Raise Financial cofounder and director Raunak Rathi said.

As part of the acquisition, GIBL’s 25-member team will join Raise and relocate their operations to Mumbai.

Raise was founded in 2021 by former Paytm Money CEO Jadhav along with Alok Pandey, Jay Prakash Gupta, and Rathi. The startup entered the unicorn club in October last year after raising $120 Mn in its Series B round led by Hornbill Capital and Japan’s MUFG, at a valuation of $1.2 Bn. It also counts the likes of 3one4 Capital, BEENEXT, Kunal Shah, Kalyan Krishnamurthy, and Sameer Nigam among its investors.

The development comes at a time when Raise is expanding its product portfolio and services to onboard customers from different segments of the financial spectrum, including investment, wealth creation and security.

Besides stock broking platform Dhan, Raise also owns and operates financial market information platform Upsurge, market research platform ScanX, and AI-driven trading insights platform FuzzAI, which runs on its propriety small language model Artham.

Raise also acquired new-age media startup Filter Coffee last year. It is currently in talks to snap up Bengaluru-based Infinyte Clubin a $10 Mn deal to enter the broader wealthtech segment.

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