Servify, a Mumbai-headquartered startup that operates a gadget lifecycle management platform and works deeply with brands, including Apple and Samsung, in a number of locations, has raised$23 million in a brand-new funding round. The Series C funding round for the five-year-old start-up was led by existing investor Iron Pillar; other existing investors, including Blume Ventures, Beenext and Tetrao SPF, participated in the round. The new round pushes Servify’s to-date raise to$ 48 million. Servify deal with enterprises such as Apple, Samsung, OnePlus, Xiaomi, Nokia, Motorola and Airtel and deals with for its partners after-sales services such as device protection, exchange and trade-in programs, described Sreevathsa Prabhakar, creator and president of the startup, in an interview with TechCrunch. The startup, which uses its services through a whitelabel arrangement with business, works with more than 50 brands and reaches over 50 markets. With Apple, it works in three geographies, and in over half a lots with OnePlus. The new round, which was oversubscribed, will assist the startup expand its competence in lots of brand-new item categories and deepen its reach in international markets, said Prabhakar, who has more than a years of experience in managing after-sales and other gadget management businesses.”We are keenly thinking about unique companies addressing difficult issues in worldwide and extremely big markets and are delighted to continue to back the company in its next phase of development. Stellar execution by Servify’s team combined with its
differentiated technology platform have led to the business’s remarkable growth this year regardless of Covid-19 associated difficulties,”said Anand Prasanna, handling partner at Iron Pillar, in a declaration. The coronavirus outbreak has actually deeply affected the business of Servify, which paid in the financial year that ended in March. In April and May, when numerous countries imposed lockdowns, the start-up’s service reached a total stop. In the months because, it has not just totally recovered but has grown to brand-new heights, stated Prabhakar. At no time did the business lay off any employee or minimize wages, he stated.”It is really gratifying as we have more than quadrupled our income in 2020 to date, and raised funds for expansion even during the difficult financial climate.
This further reinforces our belief that we have built an internationally scalable, sound company that is not only trusted by big brands, however also the investor community, “he stated. If he would ever think about engaging with customers straight, TechCrunch asked Prabhakar. He said the present model of Servify allows it to acquire customers at no charge and he believes it’s the right design to maintain progressing. Prabhakar stated he is hopeful that more endeavor firms
will look into this new category, which traditionally does not receive much attention since it did not fit into existing areas such as SaaS. He stated Servify has shown that this category is flourishing and essential. Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.