Apple, Samsung associate Servify raises $65 million for its units after-sales and administration platform – TechCrunch
Servify, a startup that manages lifecycle of devices for several popular smartphone vendors together with Apple and Samsung in lots of markets, has raised $65 million because it eyes changing into a public firm in two years.
Singularity Progress Alternative Fund led the Mumbai-headquartered startup’s Collection D funding. AmTrust and household places of work together with Pidilite and current traders Iron Pillar, Beenext, Blume Ventures and DMI Sparkle Fund additionally participated within the spherical.
The spherical hasn’t closed and the startup mentioned just a few different traders want to again Servify. It anticipates elevating one other $5 million to $10 million within the present spherical.
The seven-year-old startup, which has raised over $110 million up to now, works with over 75 electronics system producers together with OnePlus and Xiaomi and provides them whitelabeled after-sales companies similar to injury safety and prolonged guarantee. Accomplice companies additionally use Servify’s eponymous platform to supply trade-ins, improve and financing applications to clients.
Servify, which is operational in over 40 international locations, together with India, the U.S., U.Ok., Canada, Saudi Arabia and Turkey, plans to broaden to Latin America this monetary yr and can also be exploring a debut in Japan, mentioned Sreevathsa Prabhakar, founder and chief government officer of the startup, in an interview.
India, the world’s second largest smartphone market, accounts for 60% of Servify’s enterprise, he mentioned.
Servify — which presently focuses on smartphones, tablets, laptops and wearables — additionally plans to broaden its protection by servicing residence home equipment and electrical automobiles, he mentioned.
In latest quarters, firms together with Apple and Samsung have supplied their clients with self-repair services. How do such applications affect Servify?
Prabhakar mentioned the self-repair applications by main producers available in the market might be “optimistic” for Servify as it would proceed to cost them for providing spare components below their self-service repairs. Such applications, nonetheless, might lead to fewer folks opting in for trade-in and improve choices as they may have the ability to lengthen the lifetime of their current units, he mentioned.
Servify, with a workforce of over 700 folks globally, claims it’s presently on monitor to clock an annual income run charge of over $130 million. The startup is working to grow to be worthwhile beginning as early as subsequent month, he mentioned.
As soon as it ensures 18-20% profitability, Servify plans to file for an preliminary public providing, he mentioned. The present timeline for the IPO is eighteen months to 2 years, he mentioned.
He didn’t disclose the valuation at which Servify has raised the brand new funds, however mentioned the startup was “nearing the unicorn” standing. “For me, all these valuations are nonetheless paper valuations. If you go public, actual valuation is revealed,” he mentioned.
Servify can also be trying to deploy the recent funds to purchase smaller companies. Since its last funding round in September 2020, Servify has acquired a few startups together with Noida-based 247Around, which offers the startup with entry to over 100 producers within the kitchen and small home equipment area, and Germany-based WebToGo to strengthen its diagnostics capabilities, in line with Prabhakar.
“We’ve a few worldwide targets in thoughts,” he mentioned, with out disclosing any names.
“Product safety is not an afterthought; actually, it’s quickly taking middle stage for each OEMs and customers. We, due to this fact, see Servify steadily shifting in direction of international management on this huge addressable market of over $100 billion and are assured that they may ship an amazing consequence for all of us,” mentioned Apurva Patel, Managing Accomplice at Singularity Progress, in a press release.