Mumbai-based Servify Raises Fresh Funding
Servify, a Mumbai-based post-sales service firm, has raised Rs 46.5 crore ($5.7 million) in a new tranche of a Series D funding round. The round, a mix of equity and debt, was led by CE Ventures (Crescent Enterprises Venture Capital) and Trifecta Venture.
First reported by Entrackr, CE Ventures invested Rs 16.5 crore in exchange for equity, while Trifecta Venture poured in Rs 30 crore via debt.
As per its regulatory filings with the Registrar of Companies (RoC), the board at Servify has passed a special resolution to issue, offer and allot 300 Series D1 non-convertible debentures (NCDs) and 67,875 Series D2 compulsorily convertible preference shares (CCPS) for a total consideration of Rs 46.5 crore or $5.7 million.
Servify | Elevating Product Ownership Experience
Founded by Sreevathsa Prabhakar in 2015, Servify offers brand-authorized after-sales support for mobile phones, personal gadgets, electronics and home appliances.
The platform integrates multiple OEM (original equipment manufacturer) brands and their sales and service ecosystem through its product lifecycle management platform.
Servify allows consumers to add their household electronic gadgets onto the platform, store the bills, and access authentic brand-authorized service during or beyond the warranty period.
As per the startup, it has a presence in 40 countries, including North America, Europe, the Middle East, Turkey, and Asia. The startup has a distribution presence in more than 50,000 outlets. In August 2022, the startup claimed it was clocking an annual revenue rate of more than Rs 1,000 crore with profitability in sight.
The funding development comes eight months after Servify raised a $65 million worth series D financing round led by Singularity Growth Opportunity Fund to further grow the business in international markets and strengthen the technology platform.
Including this funding round, Servify has raised over $120 million in funding. The startup is currently valued in the range of $680 to $700 million. Earlier this year, the Mumbai-based post-sales service firm acquired an AI-driven engagement platform Jubi.ai.
The startup competes primarily with Onesitego, Syska Gadget Secure, OneAssist, and ZurePro.
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