Apple and Samsung partner Servify raises $65M for its aftermarket devices and management platform

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Servify, a startup that manages the device lifecycle of several popular smartphone manufacturers together with Apple and Samsung in lots of markets, has raised $65 million because it goes public in two years.

– Commercial –

Singularity Development Alternative Fund has led Sequence D funding for a Mumbai-headquartered startup. AmTrust and household places of work together with Pidilite and current buyers Iron Pillar, Beenext, Blume Ventures, and DMI Sparkle Fund additionally participated within the spherical.

– Commercial –

The spherical remains to be open and the startup has mentioned that a number of different buyers want to again Servify. Within the present spherical, it’s anticipated to boost one other 5 to 10 million {dollars}.

The seven-year-old startup, which has raised greater than $110 million thus far, works with greater than 75 digital machine producers, together with OnePlus and Xiaomi, and affords them after-sales companies reminiscent of injury safety and prolonged warranties. Companion corporations additionally use the Servify platform of the identical identify to supply change, improve and financing applications to clients.

– Commercial –

servicewhich operates in over 40 international locations together with India, the US, the UK, Canada, Saudi Arabia and Turkey, plans to broaden into Latin America this fiscal 12 months and can also be contemplating a Japanese debut, mentioned Srivatsa Prabhakar, Founder and CEO. startup officer, in an interview.

India, the world’s second largest smartphone market, accounts for 60% of Servify’s enterprise, he mentioned.

Servify, which at present makes a speciality of smartphones, tablets, laptops and wearables, additionally plans to broaden its protection to service residence home equipment and electrical automobiles, he mentioned.

In latest quarters, corporations reminiscent of Apple and Samsung have given their clients self repair services. How do such applications have an effect on Servify?

Prabhakar mentioned that the self-repair applications of main producers available in the market could be “optimistic” for Servify as it might proceed to cost them for offering spare components as a part of their self-service repairs. Such applications might lead to fewer folks choosing trade-in and improve choices as they will lengthen the lifetime of their current gadgets, he mentioned.

Enterprise Outlook

Servify, which employs over 700 folks worldwide, claims it’s at present on monitor to generate over $130 million in annual income. In response to him, the startup is working to turn into worthwhile as early as subsequent month.

As soon as Servify generates 18-20% profitability, he mentioned, he plans to file for an preliminary public providing. In response to him, the present phrases of the IPO are from 18 months to 2 years.

He didn’t disclose the valuation at which Servify raised the brand new funds, however mentioned the startup is “near unicorn standing.” “For me, all these estimates stay paper. If you go public, the actual valuation is revealed,” he mentioned.

Servify additionally hopes to make use of recent money to purchase smaller corporations. As a result of it latest funding round In September 2020, Servify acquired a number of startups, Prabhakar mentioned, together with Noida-based 247Around, which provides the startup entry to greater than 100 kitchen and small equipment producers, and German firm WebToGo to broaden its diagnostic capabilities.

“We’ve a number of worldwide targets,” he mentioned, with out naming names.

“Product safety is not a secondary concern; in reality, it’s rapidly taking middle stage for each OEMs and customers. Subsequently, we see Servify steadily shifting in the direction of world management on this enormous addressable market value over $100 billion and are assured that they may carry nice outcomes for all of us,” mentioned Apoorva Patel, Managing Companion of Singularity Development.

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