Servify, a Mumbai-headquartered startup that operates a device lifecycle management platform has raised $23 million in a new financing round.
The Series C financing round for the five-year-old startup was led by existing investor Iron Pillar, and other existing investors including Blume Ventures, Beenext, and Tetrao SPF participated in the round. The new round pushes Servify’s to-date raise to $48 million.
Servify works with enterprises such as Apple, Samsung, OnePlus, Xiaomi, Nokia, Motorola, and Airtel and handles after-sales services such as device protection, exchange, and trade-in programs for its partners, explained Sreevathsa Prabhakar, founder and chief executive of the startup.
The startup, which offers its services through a whitelabel arrangement with enterprises, works with over 50 brands and reaches over 50 markets. With Apple, it works in three geographies, and in over half a dozen with OnePlus.
The new round, which was oversubscribed, will help the startup expand its expertise in many new product categories and deepen its reach in international markets, said Prabhakar, who has more than a decade of experience in overseeing after-sales and other device management businesses.
“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 Anand Prasanna, Managing Partner at Iron Pillar, in a statement.