Mumbai based venture capital firm Iron Pillar which is focused on mid-stage technology investments in India has led a $15 Mn Series B investment round in after sales and management assistant startup, Servify
Servify was founded in November 2015, by Sreevathsa Prabhakar as a personal device management platform for gadgets, consumer electronics and home appliances. It also helps the users to access authentic brand authorised service during in-warranty as well as out of warranty scenarios.
The startup’s existing investors, Mumbai based Blume Ventures and Singapore based BEENEXT also participated in the funding round.
This round was Servify’s third funding round, following two previous rounds in April and November 2016.
Servify plans to use the funds to add depth to their senior management and also build new technology solutions for their clients. It has already launched its services in the US and is also setting up its operations in Europe to meet the needs of the clients.
They presently work with OEM brands, retailers, carriers and service providers. The platform experiences market competition from Krakow based AVSystem, California based Smith Micro among many others.
Iron Pillar Capital was founded by former director of Morgan Creek, Anand Prasanna, former Citigroup India Investment Banking Head, Sameer Nath, and former DFJ India Head Mohanjit Jolly. Apart from India, it has a presence in Mauritius, Palo Alto, Shanghai, and Singapore.
The firm usually invests in Series B, C and D rounds in Indian technology startups with a ticket size of $10 Mn to $50 Mn.
Last year, in January, Iron Pillar had entered into a strategic partnership with Chinese investment company Fosun International Ltd which helped Indian fund access to Fosun’s extensive networks, knowledge, and platform.
Soon after that, in May, Iron Pillar announced its maiden India focused fund, thereby funding two startups: Nowfloats, an SME SaaS company in India raised $10 Mn in January 2017 and Bluestone, a leading online jewellery retail brand raised $5.4 Mn (INR 35.51 Cr) in February 2018.
Prior to that, Iron Pillar also invested an undisclosed amount in ecommerce player Snapdeal in February 2016.
[The development was reported by LiveMint.]