Post-sales service firm Servify has raised INR 84 crore (approximately $10 million) in its latest Series D funding round, securing a mix of equity and debt investments from Bajaj Holdings, Trifecta, and Innoven Capital. This funding boost will help Servify further its mission to provide brand-authorized after-sales support for various electronic devices.
According to regulatory filings with the Registrar of Companies (RoC), Servify’s board of directors approved a special resolution to issue 1,16,555 compulsorily convertible preference shares (CCPS) and 500 non-convertible debentures.
The total consideration for this issuance is valued at INR 84 crore (approximately $10 million). Bajaj Holdings contributed INR 34 crore through equity. At the same time, Trifecta and Innoven Capital equally shared the debt financing for the remaining amount.
Strategic Investments and Financial Growth
With this latest round, the Mumbai-based company has raised nearly $125 million to date, including $65 million in the ongoing Series D round led by the Singularity Growth Opportunity Fund. Post-allotment, Servify’s valuation is approximately INR 7,074 crore (around $852 million), as estimated by market experts.
The device management firm recorded impressive financial growth in the fiscal year ending March 2023, reporting over 95 percent year-on-year revenue growth to INR 611 crore. However, the company also faced net losses of INR 229 crore during the same period. As of now, Servify has not yet filed its annual results for FY24.
Servify provides comprehensive after-sales services for smartphones, tablets, laptops, and home appliances. Its platform allows consumers to register their electronic devices, store purchase receipts, and access genuine, brand-authorized repairs within and beyond warranty periods. This innovative approach has positioned Servify as a key player in the post-sales service industry.
Servify, Stakeholders and Future Outlook
Before this funding tranche, Iron Pillar was Servify’s largest external stakeholder, holding a 28.8 percent share. Other significant investors include Beenext and Blume Ventures, which own 9.87 percent and 8.20 percent of the company.
As Servify continues to expand its services and strengthen its market position, the company is poised to play a pivotal role in transforming the post-sales support landscape.
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