Mumbai-primarily based Servify has raised $23 million in its series C spherical of funding led by present investor Iron Pillar and a host of different investors.
All the prevailing investors Blume, Beenext and Tetrao SPF participated in the spherical together with new investors who joined the cap table Global Alternatives Investor fifty seven Stars, strategic investors like Sparkle Fund (an funding arm of DMI Finance), SF Roofdeck Capital LLC (Investment arm of Silicon Valley Investment Bank FT Partners), Go Ventures (an funding arm of Go PLC, a Maltese included telecommunications agency) and Madhu Kela Family Office. Servify’s current Venture Debt provider Trifecta Capital additionally participated in the spherical.
Founded in 2015 through Sreevathsa Prabhakar, Servify gives a virtual platform to manage after-sales services for big white goods producers. It facilitates connect customers with manufacturers and maintains track of the service standard offered through these manufacturers to their clients. As Prabhakar stated he is attempting to make services a revenue opportunity for manufacturers instead of a mere formality. This will assist clients get a good service experience and brands can also make money through the process.
Currently, Servify counts manufacturers like Bose, Godrej, Panasonic, Croma and most of the phone producers like Nokia, OnePlus, Samsung and others as its clients. While the agency is majorly into phone and smart device servicing, it’ll quickly foray into client durables like refrigerators, tv units and different digital items as well.
“We have raised the funds to push our business into the home appliance segment, expand globally and for working capital to help in business expansion,” said Prabhakar.
Prabhakar talked about that they have a 350 member group with the biggest chunk being in the product and tech space.
Buoyed through the faster rate of digitisation post Covid-19, Servify is seeing speedy scale-up of its business. The agency had seen enterprise to a standstill in March and April but has been developing since then. Prabhakar talked about that they have already quadrupled their sales in 2020 and is aiming to have some of the best months of business.
“Even pure-play offline brands are looking to partner with us since they want to strengthen their online play,” he said.
