Servify, a Mumbai based technology platform that offers an integrated device lifecycle management platform, has raised $23 million in a Series C funding round. Servify achieves this by integrating multiple partners of the post sales service ecosystem on a tech-driven unified intelligent platform, and counts the likes of Apple along with ’50+’ other brands as its clients.
The round was led by existing investor Iron Pillar, and other existing investors including Blume Ventures, Beenext, and Tetrao SPF also participated in the round.
Companies have been forming partnerships with Servify left and right, and for good reason. Once you buy a device, Servify takes over after sales services, including device protection, exchange, and trade-in programs for its partners. However, that’s just a part of its offering.
Additionally, the platform also provide a complete device diagnosis system prior to shipping for its brand, which they can then pass on to their customers. As a marketplace, that is, when you decide to go ahead with shipping, you can check demand, and buy a product through the platform. Once you have bought the device, the after sales management kicks into place, which includes Warranty & Claims Management, Field Service Management, Workshop Management, etc. Moreover, even when you are retiring said device, that is, the product life cycle is about to come to an end, you can trade it in at the company’s platform.
Servify has been around for 5 years now, and has managed to form partnerships with some of the biggest names in the industry. This includes the likes of Apple, Samsung, OnePlus, Xiaomi, Nokia, Motorola, Airtel and many others. In fact, the company has over 50 partnerships in 50 markets, which is unprecedented for a startup so young.
This is why this particular round was oversubscribed, which is not surprising at all. The capital raised will help the startup expand its expertise in many new product categories and deepen its reach in international markets, according to Sreevathsa Prabhakar, founder and Chief Executive at Servify.
With an ever increasing number of electronics taking over our daily lives, specially during COVID-19 pandemic, Servify has become even more essential to consumer electronic brands. And perhaps that is why the company saw its revenues quadrupling in the year 2020, with an exponential growth slated for the coming few years.