Device lifecycle management platform Servify announced on Wednesday that it has raised $23 million in Series C funding led by its existing investor Iron Pillar, a venture growth firm specialising in mid-stage technology investments in India.
In addition to all the existing investors such as Blume, Beenext and Tetrao SPF, the funding round also saw participation from funds managed by Global Alternatives Investor 57 Stars, multiple strategic investors including Sparkle Fund, an investment arm of DMI Finance, SF Roofdeck Capital LLC, Go Ventures, and Singularity Ventures together with Synergy Capital Partners, the Mumbai-based startup said in a statement.
Servify’s existing venture debt provider Trifecta Capital also participated in the round.
Founded in 2015, Servify integrates multiple OEM brands and their sales and service ecosystem to deliver after-sales service. It aims to utilise the funding to scale up its global operations and further enhance its technology platform.
“It is very satisfying as we have more than quadrupled our revenue in 2020 till date, and raised funds for expansion even during the tough economic climate. This further strengthens our belief that we have built a globally scalable sound business that is not only trusted by large brands, but also the investor community,” said Sreevathsa Prabhakar, founder, Servify.
Servify claims to have spread its reach in 50+ countries across the globe, and partnered with more than 50 brands including top mobile device brands, retailers, distributors, insurers, service providers, and carriers. It runs device protection programmes for Apple, Samsung, OnePlus, Xiaomi, Nokia, Motorola, Airtel, and others, and exchange programmes for Apple, Samsung, and OnePlus.
The platform currently supports over 3 million monthly transactions. In five years of its operation, the platform has over 43,000+ retail locations connected and 16,000+ service partners integrated.
Servify had raised $15 million in Series B funding from Iron Pillar in August 2018. The round had also seen participation from Blume Ventures and Beenext.