On Wednesday, Servify (1), a device lifecycle management firm, has stated that it has raised 23 million USD in its Series C funding round. Its existing investor, Iron Pillar, a venture growth investor focused in India, led the financing round.
The other investors of Servify, including Blume Venture, Tetrao SPF, and BEENEXT, also participated in the latest fundraising. Multiple strategic investors such as SF Roofdeck Capital LLC, DMI Finance, Sparkle Fund, DMI Finance investment arm, Madhu Kela Family Office, and GO Ventures, also participated. The current round, managed by Global Alternative Investor 57 Stars, also witness the engagement of its existing venture debt provider, Trifecta Capital.
Sreevathsa Prabhakar, Founder of Servify, stated that it is satisfying for the team for quadrupling the revenue in 2020 since its inception. The current fundraiser aimed for expansion, even during the challenging time, has increased the team’s belief in building a globally scalable business. It indicates that the company is not only trusted by big brands but also among the investor community.
Servify, a Unique Startup of India, Spread Across the Global Market
Servify has its subsidiaries in eight countries where it runs programs for device protection. It runs the program for Samsung, OnePlus, Apple, Nokia, Airtel, Motorola, Xiaomi, etc. The company also operates the device exchange and buyback plans for OnePlus, Samsung, and Apple across the authorized sales channels.
Since its inception in 2015, the startup blends several OEM brands, their sales, and the service ecosystem. Then it offers an excellent after-sale service experience. It has its arm spread across over 50 countries globally. Servify has also collaborated with over 50 brands, including top mobile brands, retailers, service providers, carriers, distributors, and insurers.
Today the company provides supports to over three million transactions per month. Within five years of its operation, the platform already has connections with more than 43000 retail locations. Furthermore, it has integrated with over 16,000 service partners.