Prabhakar builds globally scalable business
Mumbai’s lifecycle management platform for global markets, Servify, has raised US$23 million in Series C financing, led by its existing investor Iron Pillar, an India focused venture growth investor from its recently concluded Top-Up Fund.
Servify, with subsidiaries in eight countries, aims to utilise the funding to scale up its global operations and further enhance its technology platform.
In addition to all the existing investors such as Blume, Beenext and Tetrao SPF, this funding round also saw participation from funds managed by Global Alternatives Investor 57 Stars, multiple strategic investors like Sparkle Fund (an investment arm of DMI Finance), SF Roofdeck Capital LLC (the investment arm of Silicon Valley Investment Bank FT Partners), Go Ventures (the investment arm of Go PLC, a Maltese integrated telecommunications company) and Madhu Kela Family Office.
Servify’s existing Venture Debt provider Trifecta Capital also participated in the round.
“It is very satisfying as we have more than quadrupled our revenue in 2020 and raised funds for expansion even during the tough economic climate,” Servify founder Sreevathsa Prabhakar said on 23 Sept 2020.
“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,” Prabhakar said.
Servify runs Device Protection programs for Apple, Samsung, OnePlus, Xiaomi, Nokia, Motorola, Airtel among others. It also runs device exchange/buyback programs for Apple, Samsung and OnePlus across their authorised sales channels.
“Servify is a unique business built from India for global markets with no pure comparable companies anywhere,” added Anand Prasanna, Managing Partner at Iron Pillar.
“Their software is also solving a hard problem of after sales service experience for marquee brands with very high standards. We are keenly interested in unique businesses addressing hard problems in very large and global markets and are excited to continue to back the company in its next phase of growth.
“Stellar execution by Servify’s team combined with its differentiated technology platform have led to the company’s impressive growth this year despite Covid-19 related challenges,” said Prasanna.
Servify, the device lifecycle management platform, integrates multiple OEM Brands and their sales and service ecosystem to deliver great after-sales service experience. Started in 2015, Servify has spread its reach in 50+ countries across the globe.
Partnering with 50+ brands including top mobile device brands, retailers, distributors, insurers, service providers, and carriers. The platform today supports 3mn+ monthly transactions. In just 5 years of its operation, it already has over 43,000+ retail locations connected and 16,000+ service partners integrated, among others. #technology #platform #management #banks #finance #funds /fiinews.com
