Servify, a product lifecycle management startup has raised $65 million in its ongoing Series D funding round from Singularity Growth Opportunity Fund.
The round also saw participation from AmTrust and the family office of Pidilite, along with existing investors including Iron Pillar, BEENEXT, Blume Ventures, and DMI Sparkle Fund.
The startup plans to use the funds to advance business in international markets and support brands and consumers during product use, support (damage protection, extended warranties), and product end-of-life events (trade-ins, upgrade).
The Mumbai-based Servify was founded in 2015 by Sreevathsa Prabhakar, It integrates multiple OEM (Original Equipment Manufacturer) brands and their sales and service ecosystem through its product lifecycle management platform.
The company has a presence in around 40 countries and employs over 700 people globally and claims a distribution presence in over 50,000 outlets.
“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”, said, Sreevathsa Prabhakar, Founder of Servify.
The company claims to have partnerships with over 75 brands which include retailers, distributors, insurers, financial institutions, product liquidators like Apple, Samsung, Nokia, OnePlus, Xiomi and others, service providers and carriers apart from consumer electronics manufacturers.
“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.”
Servify elevating the product ownership experience.
Servify’s vision is to be the platform that brings together all eco-system partners to deliver consumer happiness through great after-sales service.