Capital to be used for further global expansion after Servify revenue quadrupled in 2020 investment from existing and new global investors.
Bangalore/Palo Alto, September 23, 2020: Servify, the device lifecycle management platform that integrates multiple OEM Brands and their sales and service ecosystem to deliver great after-sales service experience, today announced that it has raised $23M in Series C financing. This round was led by Iron Pillar from its recently concluded Top Up Fund. Iron Pillar is an India focused venture growth investor with Servify amongst it portfolio companies since 2018.
Anand Prasanna, Managing Partner, Iron Pillar, said, “Servify is a unique business built from India for global markets with no comparable companies worldwide. Their software is solving a tough/difficult problem of after sales service experience for marquee brands with very high standards. We are keenly interested in unique businesses addressing these difficult/tough problems in global markets and are excited to continue to back the company in its next phase of growth. Stellar execution by Servify’s team combined with its differentiated technology platform has led to the company’s impressive growth this year despite Covid-19 related challenges.”
Servify runs Device Protection programs for Apple, Samsung, OnePlus, Xiaomi, Nokia, Motorola, Airtel etc. and also runs device exchange/buyback programs for Apple, Samsung and OnePlus across their authorised sales channels. Servify is headquartered in Mumbai, India and has subsidiaries in 8 countries. Servify aims to utilise the funding to scale up its global operations and further enhance its technology platform.
Sreevathsa Prabhakar, Founder, Servify, said, “It is very satisfying as we have more than quadrupled our revenue in 2020 till 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”
In addition to all the existing investors such as Blume, Beenext and Tetrao SPF, this funding 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 (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.
Servify, the device lifecycle management platform, integrates multiple OEM Brands and their sales and service ecosystem to deliver great after-sales service experience. Started in 2015, India Headquartered Servify 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 3mn+ monthly transactions. In just 5 years of its operation, it already has over 43,000+ retail locations connected and 16,000+ service partners integrated, among others.
Additional information on Servify is available at www.servify.tech
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