Servify raises $65M in Series D round led by Singularity Growth Opportunity Fund
, a Mumbai-based product lifecycle management startup, announced that it has secured $65 million as part of its ongoing Series D funding round led by Singularity Growth Opportunity Fund.
In addition, other investors including AmTrust and the family office of Pidilite, along with existing investors including Iron Pillar, BEENEXT, Blume Ventures, and DMI Sparkle Fund also participated in the round.
As per the official release, the funds will be used to further grow the business in international markets and strengthen the technology platform that supports brands and consumers during product usage, support (damage protection, extended warranty), and product end-of-life events (trade-in, upgrade).
Recently, the company extended its platform to enable affordable product purchases (such as no-cost EMI, instant discounts, etc) and will also scale this offering with the raised capital.
Sreevathsa Prabhakar, Founder of Servify, said,
"We are building a massive, global business from India that is already at an annual revenue run rate of over $130 million and is on the verge of turning profitable.”
Founded in 2015 by Sreevathsa Prabhakar, Servify integrates multiple OEM (original equipment manufacturer) brands, and their sales and service ecosystem through its product lifecycle management platform.
The startup claims that it has partnered with over 75 brands, including Apple, Samsung, OnePlus, Xiaomi, HP, Vivo, Realme, Nokia, Etisalat, Croma, Walmart, Reliance Retail, Amazon, and Flipkart, among others, and has a global team strength of more than 700. Servify claims to have a distribution presence in more than 50,000 outlets.
“Product protection is no longer an afterthought; in fact, it is rapidly taking centre stage for both OEMs and consumers. We, therefore, see Servify steadily moving towards global leadership in this massive addressable market of over $100 billion and are confident that they will deliver a great outcome for all of us,” said Apurva Patel, Managing Partner at Singularity Growth.
Anand Prasanna, Managing Partner at Iron Pillar, added, “We are delighted to support Servify in its spectacular growth since their Series B round and are very pleased with their remarkable global execution on a very tough but a very big business opportunity.”
As per the brand, it has increasingly gained adoption in North America, European Union, the UK, Turkey, Saudi Arabia, and the United Arab Emirates, as well as other Gulf Cooperation Council countries. It has a presence in about 40 countries.