Device management and support platform Servify has raised $65 million in its ongoing Series D round led by Singularity Growth Opportunity Fund, AmTrust and Pidilite’s family office. Existing investors Iron Pillar, Beenext, Blume Ventures and DMI Sparkle Fund also participated in the round.
Servify raised the funds at a ‘near-unicorn valuation’, founder and chief executive officer (CEO) Sreevathsa Prabhakar said in an interaction with VCCircle, without revealing the exact figure.
The company was initially looking to raise $50 million with its Series D round, which might see more investors pumping additional funds, he added.
Service Lee Technologies Pvt. Ltd, which runs Servify, is planning to use the funds to grow the business in international markets and strengthen the tech platform. The company is primarily looking to expand to Latin America and Japan, Prabhakar said.
Servify started its journey in India, and is already operational in North America, the European Union, the UK, Turkey, Saudi Arabia, UAE, and other Gulf Cooperation Council countries. It employs more than 700 people globally.
Founded in 2015 by Prabhakar, Servify provides device protection plans to customers. The platform offers damage protection, extended warranty, and trade-in facility to customers planning to buy new devices. The company offers its services on devices sold by Apple, Airtel, Samsung, OnePlus, Xiaomi, Nokia and Motorola, among many others.
Servify recently extended its platform to make product purchasing more affordable with no cost equated monthly instalments (EMI) and instant discounts. The Mumbai-based company will be using the funds to scale its newly launched offerings.
"We are building a massive, global business from India that is already at an annual revenue run rate of over $130 million and is on the verge of turning profitable,” said Sreevathsa Prabhakar, founder of Servify.
Servify has tied-up with more than 75 brands, including Apple, Samsung, OnePlus, Xiaomi, HP, vivo, realme, Nokia, Etisalat, Croma, Walmart, Reliance Retail, Amazon, and Flipkart, among others.
“Servify truly enables global electronics OEMs to connect and engage with their customers in a way that provides customer delight. Product protection is no longer an afterthought; in fact, it is rapidly taking center stage for both OEMs and consumers. We, therefore, see Servify steadily moving towards global leadership in this massive addressable market of over $100 billion and are confident that they will deliver a great outcome for all of us,” said Apurva Patel, managing partner at Singularity Growth.
