Servify Raises $65 Million as it Prepares for $2.65 Billion IPO

Servify is a startup that manages the device lifecycle for some popular smartphone vendors such as Samsung and Apple. In total, Servify works with over 75 manufacturers of electronic devices, offering them white-labeled after-sales service, extended warranty, and damage protection. Servify’s platform is also used for trade-in, upgrade, and financing offerings to customers.

The funding round Series D is led by Singularity Growth Opportunity Fund. Among other participants were AmTrust and family offices including Pidilite and existing investors Iron Pillar, Beenext, Blume Ventures, and DMI Sparkle Fund. As of now, the round is not closed, since several investors are still considering making investments.

Servify, Mumbai, India, was founded by Sreevathsa Prabhakar in 2015. The company already operates in more than 40 countries such as India, the UK, Saudi Arabia, Canada, Turkey, and the USA. Expansion to Latin America and Japan is in Servify’s plan. Except for geographical expansion, the company also plans to widen its coverage by electric vehicles and home appliances servicing. “The company will turn profitable on an operational level by November, and we are already in talks with advisers for an initial public offering after 18 months,” Sreevathsa Prabhakar.

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