As it looks to become a public company in two years, a startup that manages lifecycle of devices for several popular smartphone vendors has raised $65 million
The Mumbai startup received Series D funding. Existing investors Iron Pillar and Beenext, as well as AmTrust and family offices, took part in the round.
A few other investors are interested in investing in the startup. In the current round, it expects to raise up to $10 million.
The seven-year-old startup, which has raised over $110 million, works with over 75 electronics device manufacturers and offers them white labeled after-sales services such as damage protection and extended warranty. Trade-ins, upgrade and financing programs are offered by partner firms.
In addition to India, the U.S., U.K., Canada, Saudi Arabia and Turkey, the company has operations in over 40 countries.
India is the world's second largest market for smartphones.
He said that the company will expand its coverage by servicing home appliances and electric vehicles.
In the past few quarters, companies have provided their customers with self repair services. How do such programs affect the community?
Major manufacturers in the market will be positive for Servify as it will continue to charge them for spare parts under their self-service repairs. He said that such programs may result in less people opting in for trade-in and upgrade options as they will be able to extend the life of their devices.
The company says it is on track to clock an annual revenue run rate of over $130 million. He said that the startup is about to become profitable.
He said that Servify plans to file for an initial public offering. The current time frame for the IPO is 18 months to 2 years.
He didn't say how much the startup was worth, but he did say it was close to the magic number. Real valuation is revealed when you go public.
Fresh funds could be used to buy smaller firms. Since its last funding round in September 2020, Servify has acquired a couple of startups, one of which gives it access to over 100 manufacturers in the kitchen and small appliances space.
He said that they have a couple of international targets in mind.
Product protection is quickly taking center stage for both consumers and manufacturers. "We, therefore, see Servify 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."
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