Servify, a Mumbai-based startup that provides device management services and warranty solutions for all devices that touch daily lives, announced that it has raised $23 million in Series C funding, led by existing investor Iron Pillar, along with participation from Blume Ventures, Beenext, Tetrao SPF and Trifecta Capital.
Other investors that participated in the funding round include asset management firm 57 Stars, DMI Finance’s investment arm Sparkle Fund, Silicon Valley Investment Bank’s SF Roofdeck Capital LLC, Go PLC’s investment arm Go Ventures, and the Madhu Kela Family Office.
The company said it will utilise the fresh funding for working capital needs, for licence and regulatory fees to enter new markets and to grow its team and platform.
Founded in 2015 by Sreevathsa Prabhakar, Servify claims to offer the world’s most advanced self-learning platform that delivers great customer experience. Servify’s operations span across 3 continents and caters to 45+ ‘Brands’ across verticals.
“Predominant use of this money will be for global expansion,” said Sreevathsa Prabhakar, CEO of Servify, which already has a presence in eight countries.”
“When you’re launching in a new market, you have to spend for licences and compliances which we can’t avoid,” he added.
Prabhakar said the growth was driven by a behaviour shift in the channel, rather than that of consumers, despite the momentum in the buyback space slowing as consumers retained devices for other purposes.
Servify runs device protection programmes for Apple, Samsung, OnePlus, Xiaomi, Nokia, Motorola, Airtel and others, and exchange programmes for Apple, Samsung and OnePlus.
“Servify is a unique business built from India for global markets with no pure comparable companies anywhere. Their software is also solving a hard problem of after sales service experience for marquee brands with very high standards,” said Anand Prasanna, Managing Partner at Iron Pillar.
Prabhakar said Servify also wants to expand products such as Galaxy Forever with other major OEMs, where consumers can pay just 60% of the phone’s value over a period of 12 months, as opposed to paying for the entire device’s cost, as the buyback value of the device is backed in right at the start.
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