Device management startup Servify has raised $65 million in funding as a part of its pre-initial public offering (IPO) round, led by Singularity Growth Opportunity Fund, according to ET report.
Servify provides white-label warranty and after-sales support products to smartphone original equipment manufacturers (OEMs). It entered the appliance after-sales servicing space with the acquisition of 247around in February this year.
Existing investors, including Iron Pillar, Beenext, Blume Ventures, DMI Sparkle Fund, and new investor AmTrust participated in the funding as well.
The latest funds raised will be used for expansion into new geographies of Latin America, the launch of newer affordability offerings for customers, and look at inorganic acquisitions to enter new markets and bolster international presence.
“Servify truly enables global electronics OEMs to connect and engage with their customers. Product protection is no longer an afterthought. It is rapidly taking center stage for both OEMs and consumers. We, therefore, see Servify steadily moving towards global leadership,” said Apurva Patel, managing partner at Singularity Growth.
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