Servify Raises $23 Million in Series C, Led by Iron Pillar

 ~ Capital to be used for further global expansion after revenue quadrupled in 2020

~ Sees participation from existing investors and multiple global investors

MUMBAI--(BUSINESS WIRE/AETOSWire)-- Servify, the device lifecycle management platform that integrates multiple OEM Brands and their sales and service ecosystem to deliver great after-sales service experience today announced that they have raised $23M in Series C financing. This round was led by its existing investor Iron Pillar, an India-focused venture growth investor from its recently concluded Top-Up Fund.

In addition to all the existing investors such as Blume, Beenext andTetrao 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 ofDMI 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 TrifectaCapital also participated in the round.

SreevathsaPrabhakar, Founder, Servify said, “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.”

Servifyruns Device Protection programs for Apple, Samsung, OnePlus, Xiaomi, Nokia, Motorola, Airtel, etc. and also runs device exchange/buyback programs for Apple, Samsung, and OnePlus across their authorized sales channels. Servify is headquartered in Mumbai, India, and has subsidiaries in 8 countries. Servify aims to utilize the funding to scale up its global operations and further enhance its technology platform.

AnandPrasanna, the Managing Partner at Iron Pillar, added “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. 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 has led to the company’s impressive growth this year despite Covid-19 related challenges.”

AboutServify:

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, India Headquartered 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 5years of its operation, it already has over 43,000+ retail locations connected and 16,000+ service partners integrated, among others.