Raise Financial Services, the parent company of stock trading platform Dhan, is expanding its business beyond stockbroking with a major step into the insurance sector. The company has acquired GreenLife Insurance Broking Pvt Ltd (GIBL), an Insurance Regulatory and Development Authority of India (IRDAI)-registered insurance broker, and will now rebrand it as Pluto Insurance.
As part of this move, Raise Financial plans to invest $15 million (around ₹142 crore) to build a technology-led insurance platform for customers. The company aims to launch the new platform by the end of 2026.
The latest acquisition is part of Raise Financial’s larger plan to grow its financial services business, even as the company reported lower profits during the latest financial year.
Raise Financial Acquires GIBL and Renames It as Pluto Insurance
Raise Financial Services has completed a 100% acquisition of GreenLife Insurance Broking Pvt Ltd (GIBL) through a cash-and-stock deal. After the acquisition, GIBL will become a wholly-owned subsidiary and operate under the new name Pluto Insurance.
With this deal, Raise Financial officially enters the insurance distribution business. The company plans to build a digital-first, direct-to-consumer (D2C) insurance platform that focuses on simple products, better technology, and an improved customer experience.
To support this plan, Raise Financial will invest $15 million (about ₹142 crore) in Pluto Insurance. The investment will be used to develop new products, strengthen technology, and improve customer services before the platform launches by the end of 2026.
Raise Financial is led by CEO Pravin Jadhav. Its stock trading platform Dhan recently crossed 1 million active users, showing its growing popularity among Indian investors.
Revenue Grew in FY26, But Profit Fell
Raise Financial recorded higher revenue in FY26, but its profit declined during the same period.
According to the company’s financial results, Raise Securities reported a net operating income of ₹904.9 crore in FY26, up nearly 14% from ₹795 crore in FY25. The growth shows that the company’s business continued to expand during the year.
However, despite the increase in revenue, the company’s net profit fell by around 20%, dropping to ₹326 crore in FY26.
In the previous financial year, Raise had reported ₹877 crore in operating revenue and ₹408 crore in net profit. The latest numbers suggest that the company is spending more on expansion and new business initiatives, which has affected its short-term profitability.
Many fast-growing fintech companies follow a similar strategy, where they invest heavily in future growth instead of focusing only on short-term profits.
Series of Acquisitions Shows Raise Financial’s Growth Plans
The GIBL acquisition is the latest in a series of strategic deals by Raise Financial as it works to build a complete financial services platform.
The company has completed several acquisitions after raising $120 million in its Series B top-up funding, using the capital to expand into new areas.
Earlier, Raise acquired Stratzy, an algorithmic trading and investing platform, to strengthen its investment offerings.
It also bought Filter Coffee, a financial media startup focused on Gen-Z users, helping the company connect with younger audiences through financial education and content.
In another major move, Raise Financial is set to acquire wealthtech startup Infinyte Club through a 100% buyout. After the deal is completed, Ankita Tandon, co-founder of Infinyte Club, will lead Raise Financial’s wealth management business.
These acquisitions show that Raise Financial is building a wider financial ecosystem that includes stock trading, wealth management, insurance, and financial content under one platform.
With the launch of Pluto Insurance planned for the end of 2026, Raise Financial is taking another important step in its long-term growth strategy. While the company’s profits have declined due to increased investments, it continues to focus on expanding its services and creating a stronger financial platform for Indian customers.