Raise Financial Services, the fintech unicorn behind stockbroking platform Dhan, has appointed former Upstox executive Abhishek Singh as chief executive officer of its new insurtech vertical, Pluto Insurance. Singh confirmed the move through a LinkedIn post, stating that Pluto gives him an opportunity to solve real problems for consumers at scale. The appointment follows Raise Financial’s acquisition of GreenLife Insurance Broking Pvt Ltd and the subsequent rebranding of the entity as Pluto Insurance.
A Seasoned Insurance Leader
Singh brings more than two decades of experience across life and general insurance, having worked with Aviva India, PNB MetLife, Edelweiss Tokio Life Insurance, and most recently Upstox. He previously led the insurance vertical at Upstox and spent more than eleven years as a core executive at OneInsure. His mandate at Pluto includes business strategy, insurer underwriting partnerships, regulatory compliance, and scaling customer acquisition.
Singh joins alongside Ranjeet Walunj, who was appointed chief product and technology officer in late July. Walunj oversees the platform’s technology architecture, algorithmic policy matching engines, and self-serve user interface. The combined leadership team is expected to strengthen Pluto’s execution across compliance, product development, and distribution.
Platform Strategy and Capital Support
Pluto Insurance will operate under GreenLife Insurance Broking Pvt Ltd and carries the same Insurance Regulatory and Development Authority of India registration number and licence code. Raise Financial acquired the broking entity in an undisclosed cash-and-stock deal and initially said it would invest $15 million to build the platform, while more recent company materials cite a committed capital outlay of ₹100 crore. The capital is expected to support AI-led systems, claims assistance, and customer experience improvements rather than traditional call-center conversion.
Differentiation and Distribution
Pluto is being designed as a zero-spam, self-service platform that eliminates aggressive telemarketing and simplifies policy evaluation for consumers. Users are expected to compare and purchase life, health, and general insurance policies without unsolicited sales calls. Although the website is not fully live, it is already inviting potential customers to join a waitlist.
The venture will leverage GreenLife Insurance Broking’s existing B2B distribution presence and its offline network spanning more than fifty cities and towns. Pluto also plans to integrate with Raise Financial’s broader ecosystem, including Dhan’s active base of retail traders and long-term investors, to lower blended customer acquisition costs. Investment in straight-through claims assistance, digital document vaults, and transparent policy explanations is intended to improve retention and persistency.
Raise Financial’s Expanding Portfolio
Raise Financial was founded in 2021 by Pravin Jadhav, Alok Pandey, Jay Prakash Gupta, and Raunak Rathi. Besides Dhan, the group operates financial market information platform Upsurge, market research platform ScanX, and AI-driven trading insights platform FuzzAI. The startup entered the unicorn club after raising $120 million in its Series B round at a valuation of $1.2 billion.
Insurtech Market Context
India’s insurtech market is shifting from lead-generation aggregators toward transparent, technology-first advisory models, with insurers and distributors adopting artificial intelligence and self-serve tools to improve customer trust. Pluto’s stated approach focuses on automated policy matching, product transparency, and customer-centric service rather than brokerage-led selling. This direction reflects wider demand for digital insurance experiences that prioritize clear information, lower sales pressure, and self-directed purchasing.
The appointment of Abhishek Singh gives Pluto Insurance experienced leadership at a formative stage as Raise Financial expands from wealth management into consumer insurance distribution. With capital support, an existing broker licence, and distribution synergies across the Dhan ecosystem, the venture has the foundational elements to scale. Its success is likely to depend on how effectively it delivers a trustworthy and convenient digital insurance experience in a competitive market.