Servify, a Mumbai, India-based device lifecycle management platform that integrates multiple OEM Brands and their sales and service ecosystem to deliver great after-sales service experience, raised $23M in Series C financing.
The round was led by its existing investor Iron Pillar, an India focused venture growth investor from its recently concluded Top Up Fund, with participation from existing investors such as Blume, Beenext and Tetrao SPF, 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. Existing venture debt provider Trifecta Capital also participated in the round.
The company aims to use the funding to scale up its global operations and further enhance its technology platform.
Led by Sreevathsa Prabhakar, Founder, 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. Started in 2015, the company 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.