India: Iron Pillar leads $23m funding in device management startup Servify

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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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.