India-based Servify, a startup that manages the lifecycle of devices for smartphone vendors including Apple and Samsung, has raised $5.7 million in an extension of its Series D round, Entrackr reported on Wednesday.
The funding round was a combination of equity and debt according to the report. UAE-based Crescent Enterprises Venture Capital invested Rs16.5 crore in exchange for equity and India-based Trifecta Venture provided Rs30 crore as debt.
In August 2022, the company had secured $65 million in the first tranche of its Series D funding round led by Singularity Growth Opportunity Fund while AmTrust, family offices like Pidilite, and existing investors including Iron Pillar, BEENEXT, Blume Ventures, and DMI Sparkle Fund participated.
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. Iron Pillar had also led Servify’s Series B round in August 2018.
The company has raised over $120 million so far and is currently valued between $680 million and $700 million, according to Entrackr.
Servify was looking to debut on the Indian bourses by 2024, and grow its business in international markets and strengthen its technology platform.
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, and Flipkart.
Launched in 2015 by Sreevathsa Prabhakar, Servify has operations in over 40 countries, including India, the US, UK, Canada, Saudi Arabia and Turkey.
The company had acquired Jubi.ai, an AI-driven engagement platform used to automate customer support and sales in January this year. In April 2021, Servify acquired key businesses of the Munich-based tech company WebToGo to strengthen its global footprint.