SUMMARY
The terms of the deal were not disclosed
iService founders, core tech and product team will join Servify as a part of the deal
The startup is currently operational in Bengaluru and Delhi
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Mumbai-based device management platform Servify has announced its acquisition of a gadgets repair startup iService in a cash and stock deal.
As a part of this deal, both the iService founders, the core tech and the product teams will be joining Servify. However, the branded service centres of iService will be operating independently and are not part of the acquisition deal.
Bengaluru-based iService was founded in 2013 by Ankit Chowdhary and was later joined by Pratheek Kumar as cofounder. The startup provides repairs smartphones and portable devices. Currently operational in Bengaluru and Delhi, the services can be availed by the customers in their homes as well at its four physical service centres.
“I believe Sreevathsa (founder) and Servify are well aligned in trying to do the same and we intend to bring all the learnings from the third party repair space to the brand authorised network, which will enable consumers to get the best in class services,” Ankit Chowdhary said.
Till date, iService had raised $426K (INR 3 Cr) in its seed funding round which was led by Blume Ventures in 2017.
The round also saw participation from a group of angel investors such as Freshdesk cofounder Girish Mathrubootham, former Flipkart executive Mekin Maheshwari and Tapzo CEO Ankur Singla among others. Inc42 had earlier reported that the startup was bootstrapped for about two years.
This acquisition deal comes in after Servify raised $15 Mn (INR 105 Cr) from the venture capital firm Iron Pillar in August 2018.
Servify, which was founded in 2015 by Sreevathsa Prabhakar, offers a platform to help users to access authentic brand authorised service during in-warranty as well as out of warranty scenarios. It is also backed by Mumbai-based Blume Ventures along with Singapore-based BEENEXT.
According to Prabhakar, this acquisition will help them get a good insight into the third party service ecosystem.
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