Servify, a device lifecycle management platform, has secured $65 million as part of its ongoing Series D funding round, led by Singularity Growth Opportunity Fund, as it looks to debut on the Indian bourses in two years.
The funding round also saw participation from investors like AmTrust, family offices like Pidilite, and existing investors including Iron Pillar, BEENEXT, Blume Ventures, and DMI Sparkle Fund. While the company did not disclose its valuation, media reports suggest it is close to attaining unicorn status.
The company, which provides after-sales services such as damage protection and extended warranty, has partnered with over 75 brands, including Apple, Samsung, OnePlus, Xiaomi, HP, Vivo, Realme, Nokia, Etisalat, Croma, Walmart, Reliance Retail, Amazon, Flipkart, among others.
“Product protection is no longer an afterthought; in fact, it is rapidly taking centre stage for both Original Equipment Manufacturers (OEMs) and consumers. We, therefore, see Servify steadily moving towards global leadership in this massive addressable market of over $100 billion,” said Apurva Patel, managing partner at Singularity Growth.
Launched in 2015 by Sreevathsa Prabhakar, Servify has operations in over 40 countries, including India, the US, UK, Canada, Saudi Arabia and Turkey.
In April 2021, Servify acquired key businesses of the Munich-based WebToGo, a one-stop provider for multichannel self-care and customer experience solutions for smartphones, tablets, and laptops. The move was aimed at strengthening the Indian company’s global footprint.
In September 2020, Servify had raised $23 million in a Series C funding round led by Iron Pillar, and participated by Blume, Beenext and Tetrao SPF — all existing investors. New investors in the round included funds managed by Global Alternatives Investor 57 Stars, and 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.
Iron Pillar had also led Servify’s Series B round in August 2018.
With its latest fundraise, the company aims to grow the business in international markets and strengthen the technology platform that supports brands and consumers during product usage and support.
It has an annual revenue run rate of over $130 million and expects to turn profitable by November, the company said in a statement.
Singularity Growth Opportunity Fund has invested in companies such as Exotel, Webengage, MCaffeine and Eduvanz.