Mumbai-based Servify is in talks to raise $100 Mn in a Series D funding round, according to a source privy to the development. The round is expected to close in the next couple of weeks and will be led by existing and new investors.
According to Inc42 sources, Servify’s existing investors Blume Ventures and Iron Pillar will be participating in this round of funding.
The startup has held talks with several global investors including US major hedge fund Tiger Global, D1 Capital Partners, DST Global, General Atlantic, TSG, CVC Capital Partners, Lightspeed, and Goldman Sachs to lead the upcoming round, the source added.
The new investment comes almost a year after Servify bagged $23 Mn in its Series C round led by Mumbai-based Iron Pillar along with participation from Blume Ventures, BEENEXT, Tetrao SPF and Trifecta Capital. Back then, 57 Stars, DMI Finance’s investment arm Sparkle Fund, Silicon Valley Investment Bank’s SF Roofdeck Capital LLC also participated in the round.
In June 2020, Inc42 had exclusively reported that the startup was raising close to INR 85.8 Cr for a strategic expansion. In 2018, Servify closed its Series B round worth $15 Mn from Iron Pillar, Blume Ventures and others. To date, the company has raised xxx.
Founded by Sreevathsa Prabhakar, Servify offers a device lifecycle management platform and works closely with platforms such as leading brands such as Apple, OnePlus, and Samsung among others. The startup’s add-on warranty and device protection are sold in more than 43,000 outlets across India.
The six-year-old startup works with these brands and offers after-sales services including device protection, exchange, among others. The startup’s operations span across three continents and has subsidiaries in eight countries.
Besides India, Servify also operates in the US and recently began its operations in Europe.
Earlier this year, Servify acquired Munich-based WebToGo, a platform that provides self-care and customer experience solutions for smartphone and tablet devices. In 2019, Servify had acquired gadgets repair startup iService in a cash and stock deal to provide consumers with better after-sales services.
The startup in the country competes against the likes of Cashify which closed its Series D round worth $15 Mn earlier this year, Mumbai-based Onsitego which closed $30 Mn in Series B round last year. The startup also pits against another Mumbai-based startup OneAssist. Inc42 had last month exclusively reported that OneAssist has raised $32 Mn in a fresh round of investment.
With smartphones and tablets becoming an essential part of our day to day lives, the smartphone protection market is growing exponentially. Expensive mobile phones, frequent upgradation, and complete dependence on smartphones for day to day tasks has only seen a significant rise in the smartphone protection market.
As per Allied Market Research report, the global mobile phone insurance market size was valued at $25.7 Bn in 2020, and is expected to reach $76.1 Bn by 2030. The report highlighted that the market is likely to grow at a CAGR of 11.5% from 2021 to 2030.