Blume Ventures-Backed Servify Acquires AI Startup Jubi.ai

SUMMARY

Servify acquired AI-enabled engagement platform Jubi.ai in a cash and equity deal

Jubi.ai’s team will join Servify’s tech, product and innovation divisions, while its founders will take up leadership positions in Servify’s product and engineering teams

In August last year, Servify raises $65 Mn in a Series D funding round led by Singularity Growth Opportunity Fund

Device management startup Servify has acquired AI-enabled engagement platform Jubi.ai in a cash and equity deal. Following the deal, Jubi.ai will become a subsidiary of Servify.

Jubi.ai’s entire team will join Servify’s tech, product and innovation functions, while its founders Subhadeep Bhattacharya and Souvik Das will take up leadership roles in Servify’s product and engineering teams.

The development comes a few months after Servify secured $65 Mn in a Series D funding round led by Singularity Growth Opportunity Fund.

Founded in 2017, Jubi.ai helps organisations automate sales, support conversations, and leverage deep-data as well as natural language processing (NLP) capabilities. It claims to have a strong presence in the finance sector.

“This is the perfect time for us to join hands with Servify, as more enterprises are looking to offer AI-driven engagement solutions to their consumers. Together, we’re certain that we can drive business transformations for all our partners,” said Bhattacharyya, cofounder and CEO of Jubi.ai.

Founded in 2015 by Sreevathsa Prabhakar, Servify aims to improve the after-sales experience for customers. Its offerings include device protection, product buybacks and device exchange, among others.

The startup has a presence in India, the US, Canada, China, the Middle East, and Europe.

“(In future) interactions will not be on any app or portal, leave alone call centre, but on SMS or WhatsApp UI that’s already in the user’s hands. So all the support solutions have to be built around those interfaces; that’s where the Jubi solution comes in handy for us,” said Sreevathsa Prabhakar, founder of Servify.

Servify’s cap table includes AmTrust, the family office of Pidilite, Iron Pillar, BEENEXT, Blume Ventures, and DMI Sparkle Fund, among others. It counts Bajaj, Mahindra, Bharti Axa, and IDFC among its customers.

Earlier, the startup said that it is targeting an ARR of $150 Mn in FY23 and aims to grow its turnover 3X to over $500 Mn in the next three years.

Servify competes with the likes of Cashify, Onsitego and OneAssist.

According to a report, the global after-sales market was pegged at $40 Bn in 2022, whereas Indian after-sales space was valued at $4 Bn.