Iron Pillar leads $23 mn funding round in Servify

Iron Pillar leads $23 mn funding round in Servify
Photo Credit: 123RF.com
24 Sep, 2020

Mumbai headquartered Service Lee Technologies, which runs after-sales services platform for electronic devices Servify, said it has raised $23 million in a Series C funding round led by returning investor Iron Pillar. 

New investors in the round include global alternative investor 57 Stars and strategic investors Sparkle Fund, SF Roofdeck Capital, Go Ventures, Singularity Ventures and Synergy Capital Partners, according to a statement.

Returning investors Blume Ventures, Beenext and Tetrao SPF, also participated in the round along with venture debt provider Trifecta Capital. 

A part of the round was reported in June. Servify last raised capital in a $15 million Series B funding round led by Iron Pillar in 2018. The company has raised a total of over $43 million in a mix of debt and equity funding rounds, according  to data sourced from VCCEdge.

The company will use the fresh capital for global expansion. The company, which provides device protection programmes for companies such as Apple, Samsung, OnePlus, Xiaomi, Nokia and Motorola, has a presence across eight countries. It also runs device exchange and buyback programmes for some brand partners. 

Founded in 2015 by Sreevathsa Prabahakar, Servify has partnered with nearly 45 brands. “It is very satisfying as we have more than quadrupled our revenue in 2020 till date, and raised funds for expansion even during the tough economic climate,” Prabhakar said in the statement. 

The latest round’s lead investor Iron Pillar made the capital infusion from its $45 million top-up fund announced in May. 

“Servify is a unique business built from India for global markets with no pure comparable companies anywhere. Their software is also solving a hard problem of after sales service experience for marquee brands with very high standards,” Anand Prasanna, managing partner at Iron Pillar, said in the statement. 

Servify competes with OnSiteGo, which offers annual maintenance contracts and damage protection plans for devices and appliances. The company recently closed a $30 million Series B round, which saw participation from IFC and Zodius Growth Fund.