A Mumbai based five-year-old startup Servify raised $23 million in a new financial run. The financing round is led by current investors Iron Pillar, Blume Ventures, Beenext, and Tetrao SPF. The company managed to raise $48 million to date so far.
In an interview with TechCrunch Sreevathsa Prabhakar, founder and CEO of the company explained about Servify operations and services. The company is a device lifecycle management platform, It provides after-sale services like device protection and trade-in programs. it works with all the big guns like Apple, Samsung, Oneplus, Xiaomi, Nokia, Motorola, and at least 50 more, and the company work reaches to over 50 markets.
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Sreevathsa Prabhakar who has more than a decade of experience in overseeing after-sales and other device management businesses further said that this financial run was oversubscribed and exceeded expectations. The raise will help to launch new products to explore new categories and help to reach new markets internationally.
Other key figures like Anand Prasanna, Managing Partner at Iron Pillar, in a statement said.
“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 has led to the company’s impressive growth this year despite Covid-19 related challenges.”
The coronavirus outbreak has deeply impacted the business of Servify, which was profitable in the financial year that ended in March. The month of April and May, when many countries enforced lockdowns, the startup’s business reached a complete halt. But in the months since, it has not only fully-recovered but grown to new heights, said Prabhakar.
“It is very satisfying as we have more than quadrupled our revenue in 2020 to date, and raised funds for expansion even during the tough economic climate. This further strengthens our belief that we have built a globally scalable sound business that is not only trusted by large brands, but also the investor community,” he said.
TechCrunch asked Prabhakar if he would ever consider engaging with customers directly. He said the current model of Servify enables it to acquire customers at no charge and he thinks it’s the right model to maintain moving forward. Prabhakar said he is hopeful that more venture firms will look into this new category, which has traditionally does not receive much attention because it did not fit into existing spaces such as SaaS. He said Servify has proven that this category is crucial and thriving.