Raise Financial, the parent company of online stock trading platform Dhan, has acquired GreenLife Insurance, marking its third acquisition this year as the wealthtech unicorn steps up dealmaking after raising $120 million last year.
The cash-and-stock acquisition also marks Raise Financial’s entry into insurance broking, after earlier deals in algorithmic trading and media. The company will invest around $15 million in GreenLife Insurance to build a direct consumer and insurance distribution business, Raise Financial said in a statement on Monday.
The latest deal comes amid a string of back-to-back acquisitions by Raise Financial. Earlier this year, it had bought algo trading platform Stratzy in a cash-and-stock deal valued at $5-6 million. In January, it also acquired media company Filter Coffee. In April, ET reported that Raise Financial was in talks to buy wealthtech startup Infinyte Club for around $10 million in a mix of cash and equity.
Following the acquisition, GreenLife’s 25-member team will join Raise Financial and relocate operations to Mumbai, the company said.
GreenLife Insurance, founded in 2013 by Subir Mukherjee, says it has a presence in more than 50 cities and towns across eastern and northeastern India.
Raise Financial said it aims to build a hybrid distribution model with GreenLife in 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, cofounder 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.”
Raise Financial, founded in 2021 by former Paytm executive Pravin Jadhav, Alok Pandey, Jay Prakash Gupta, and Raunak Rathi, entered the unicorn club last year after raising $120 million. The company has raised close to $150 million to date from global and domestic investors, including Hornbill Capital, Japan’s Mitsubishi UFJ Financial Group, Beenext, and others.
The cash-and-stock acquisition also marks Raise Financial’s entry into insurance broking, after earlier deals in algorithmic trading and media. The company will invest around $15 million in GreenLife Insurance to build a direct consumer and insurance distribution business, Raise Financial said in a statement on Monday.
The latest deal comes amid a string of back-to-back acquisitions by Raise Financial. Earlier this year, it had bought algo trading platform Stratzy in a cash-and-stock deal valued at $5-6 million. In January, it also acquired media company Filter Coffee. In April, ET reported that Raise Financial was in talks to buy wealthtech startup Infinyte Club for around $10 million in a mix of cash and equity.
Following the acquisition, GreenLife’s 25-member team will join Raise Financial and relocate operations to Mumbai, the company said.
GreenLife Insurance, founded in 2013 by Subir Mukherjee, says it has a presence in more than 50 cities and towns across eastern and northeastern India.
Raise Financial said it aims to build a hybrid distribution model with GreenLife in 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, cofounder 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.”
Raise Financial, founded in 2021 by former Paytm executive Pravin Jadhav, Alok Pandey, Jay Prakash Gupta, and Raunak Rathi, entered the unicorn club last year after raising $120 million. The company has raised close to $150 million to date from global and domestic investors, including Hornbill Capital, Japan’s Mitsubishi UFJ Financial Group, Beenext, and others.