Servify, a Mumbai-based device lifecycle management platform, on Wednesday announced that it has raised $23 million in its Series C funding, led by existing investor Iron Pillar, an India-focused venture growth investor, from its recently concluded Top-Up Fund.
In addition to its other existing investors like Blume Ventures, BEENEXT, and Tetrao SPF, the current round also saw participation from funds managed by Global Alternatives Investor 57 Stars, multiple strategic investors like Sparkle Fund (an investment arm of DMI Finance), SF Roofdeck Capital LLC (investment arm of Silicon Valley Investment Bank FT Partners), Go Ventures (the investment arm of Go PLC, a Maltese integrated telecommunications company), and Madhu Kela Family Office.
Servify’s existing venture debt provider Trifecta Capital also participated in the round.
“It is very satisfying as we have more than quadrupled our revenue in 2020 to date, and raised funds for expansion even during the tough economic climate. This further strengthens our belief that we have built a globally scalable sound business, that is not only trusted by large brands but also the investor community,” said Sreevathsa Prabhakar, Founder, Servify.
With its subsidiaries in eight countries, Servify runs device protection programmes for Apple, Samsung, OnePlus, Xiaomi, Nokia, Motorola, Airtel, etc., and also runs device exchange/buyback programmes for Apple, Samsung, and OnePlus across its authorised sales channels.
The startup aims to utilise the funding to scale up its global operations, and further enhance its technology platform.
Started in 2015, Servify integrates multiple OEM brands and their sales and service ecosystem to deliver great after-sales service experience. The startup has spread its reach in 50+ countries across the globe. Partnering with 50+ brands, including top mobile device brands, retailers, distributors, insurers, service providers, and carriers, the platform today supports over three million monthly transactions. In just five years of its operation, it has over 43,000 retail locations connected and 16,000-plus service partners integrated, among others.
“Servify is a unique business built from India for global markets with no pure comparable companies anywhere. Its software is also solving a hard problem of after-sales service experience for marquee brands with very high standards. We are keenly interested in unique businesses, addressing hard problems in very large and global markets, and are excited to continue to back the company in its next phase of growth” said Anand Prasanna, Managing Partner at Iron Pillar.
Edited by Suman Singh
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