Servify raises $23 million in series C round of funding

Mumbai-based Servify has raised $23 million in its series C round of funding led by existing investor Iron Pillar and a host of other investors.

All the existing investors Blume, Beenext and Tetrao SPF participated in the round along with new investors who joined the cap table Global Alternatives Investor 57 Stars, strategic investors like Sparkle Fund (an investment arm of DMI Finance), SF Roofdeck Capital LLC (Investment arm of Silicon Valley Investment Bank FT Partners), Go Ventures (an investment arm of Go PLC, a Maltese integrated telecommunications company) and Madhu Kela Family Office. Servify’s existing Venture Debt provider Trifecta Capital also participated in the round.

Founded in 2015 by Sreevathsa Prabhakar, Servify offers a digital platform to manage after-sales services for large white goods manufacturers. It helps connect customers with brands and keeps track of the service standard offered by these brands to their customers. As Prabhakar said he is trying to make services a revenue opportunity for brands rather than a mere formality. This will help customers get a good service experience and brands can also make money through the process.

Currently, Servify counts brands like Bose, Godrej, Panasonic, Croma and most of the smartphone manufacturers like Nokia, OnePlus, Samsung and others as its clients. While the company is majorly into smartphone and smart device servicing, it will soon foray into consumer durables like refrigerators, television sets and other electronic items as well.

“We have raised the funds to push our business into the home appliance segment, expand globally and for working capital to help in business expansion,” said Prabhakar, speaking with Moneycontrol. The company has to date raised close to $46 million through three funding rounds.

With most of these manufacturers being global brands, Servify has managed to expand its work outside India too. It has presence in more than 50 countries but runs the operations with a very small team.

Prabhakar pointed out that they have a 350 member team with the largest chunk being in the product and tech space.

Buoyed by the faster rate of digitisation post Covid-19, Servify is seeing rapid scale-up of its business. The company had seen business to a standstill in March and April but has been growing since then. Prabhakar pointed out that they have already quadrupled their revenue in 2020 and is aiming to have a few of the best months of business.

“Even pure-play offline brands are looking to partner with us since they want to strengthen their online play,” he said.