The move comes as the company doubles down on the insurance distribution space and prepares to invest Rs 100 crore in the newly rebranded entity. The investment aligns with Raise's earlier commitment to invest $15 million in 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 a 13.8% increase in net operating income to Rs 905 crore in FY26 from Rs 795 crore in FY25, according to an ICRA rating report. However, its profit after tax declined 20.1% to Rs 326 crore in FY26 from Rs 408 crore in the previous fiscal.

Entrackr has reached out to Raise Financial for comments.