Indian device management startup Servify nets $65 million in funding
Servify, an India-based device management startup has raised $65 million in its new funding, as part of its pre-initial public offering (IPO) round, led by the Singularity Growth Opportunity Fund.
- The fund will be used to expand the startup into new geographies of Latin America, launch newer affordability offerings for its customers, and make inorganic acquisitions to enable it to enter new markets and improve its international presence.
- Servify offers a white-label warranty and after-sales support products to smartphone original equipment manufacturers (OEMs). It launched in the appliance after-sales servicing in February, this year.
- The startup is still looking to raise more in the pre-IPO round but is currently valued at $800 million. It looks to be listed on the stock market in the next 12-18 months.
- Servify works with loan providers to assist OEMs and lenders to smoothen the deal for device purchases and offer services such as device protection, subscription-based assured buyback, and buy-now-pay-later (BNPL) options. It is currently testing this model across 190 stores in India and aims to expand it to the Middle East and the US.
- It is currently looking to increase its annualized revenue run rate from $130 to $150 million by the financial year end and has Iron Pillar, Beenext, Blume Ventures, DMI Sparkle Fund, and AmTrust, a new investor participating in the round.
