Mumbai-based Servify Raises $65M In Series D Funding Round
Mumbai-based product lifecycle management startup Servify has raised $65 million as part of its ongoing Series D funding round led by Singularity Growth Opportunity Fund.
The funding round also saw participation from several investors, including AmTrust and the family office of Pidilite, along with existing investors, including Iron Pillar, BEENEXT, Blume Ventures, and DMI Sparkle Fund.
As per the startup, the freshly raised funds will be used to further grow the business in international markets and strengthen the technology platform that supports brands and consumers during product usage, support (damage protection, extended warranty), and product end-of-life events (trade-in, upgrade).
Servify | Elevating The Product Ownership Experience
Founded by Sreevathsa Prabhakar in 2015, Servify is an advanced self-learning post-purchase service platform to deliver a great customer experience. The startup integrates multiple OEM (original equipment manufacturer) brands and their sales and service ecosystem through its product lifecycle management platform.
Speaking about the development, Sreevathsa Prabhakar, Founder of Servify, said,
“We are building a massive, global business from India that is already at an annual revenue run rate of over $130 million and is on the verge of turning profitable.”
Servify has a presence in about 40 countries and a global team strength of more than 700. The startup claims to have a distribution presence in more than 50,000 outlets. Additionally, Servify has increasingly gained adoption in North America, European Union, the UK, Turkey, Saudi Arabia, and the United Arab Emirates, as well as other Gulf Cooperation Council countries.
As per the startup, it has partnered with over 75 brands, including Samsung, Apple, OnePlus, Xiaomi, HP, Vivo, Realme, Nokia, Walmart, Reliance Retail, Amazon, and Flipkart, among others.
Commenting on the development, Apurva Patel, Managing Partner at Singularity Growth, said,
“Product protection is no longer an afterthought; in fact, it is rapidly taking centre stage for both OEMs and consumers. We, therefore, see Servify steadily moving towards global leadership in this massive addressable market of over $100 billion and are confident that they will deliver a great outcome for all of us.”