Servify, a startup that manages lifecycle of devices for a number of fashionable smartphone distributors together with Apple and Samsung in lots of markets, has raised $65 million because it eyes changing into a public firm in two years.
Singularity Development Alternative Fund led the Mumbai-headquartered startup’s Collection D funding. AmTrust and household workplaces together with Pidilite and current traders Iron Pillar, Beenext, Blume Ventures and DMI Sparkle Fund additionally participated within the spherical.
The spherical hasn’t closed and the startup mentioned a couple of different traders wish to again Servify. It anticipates elevating one other $5 million to $10 million within the present spherical.
The seven-year-old startup, which has raised over $110 million up to now, works with over 75 electronics gadget producers together with OnePlus and Xiaomi and gives them whitelabeled after-sales companies resembling harm safety and prolonged guarantee. Partner corporations additionally use Servify’s eponymous platform to supply trade-ins, improve and financing packages to prospects.
Servify, which is operational in over 40 nations, together with India, the U.S., U.Ok., Canada, Saudi Arabia and Turkey, plans to increase to Latin America this monetary 12 months and can be exploring a debut in Japan, mentioned Sreevathsa Prabhakar, founder and chief government officer of the startup, in an interview.
India, the world’s second largest smartphone market, accounts for 60% of Servify’s enterprise, he mentioned.
Servify — which at the moment focuses on smartphones, tablets, laptops and wearables — additionally plans to increase its protection by servicing dwelling home equipment and electrical autos, he mentioned.
In current quarters, firms together with Apple and Samsung have supplied their prospects with self-repair companies. How do such packages impression Servify?
Prabhakar mentioned the self-repair packages by main producers out there will likely be “optimistic” for Servify as it would proceed to cost them for providing spare components beneath their self-service repairs. Such packages, nonetheless, could lead to fewer folks opting in for trade-in and improve choices as they may have the ability to prolong the lifetime of their current devices, he mentioned.
Enterprise outlook
Servify, with a workforce of over 700 folks globally, claims it’s at the moment on observe to clock an annual income run fee of over $130 million. The startup is working to develop into worthwhile beginning as early as subsequent month, he mentioned.
As soon as it ensures 18-20% profitability, Servify plans to file for an preliminary public providing, he mentioned. The present timeline for the IPO is eighteen months to 2 years, he mentioned.
He didn’t disclose the valuation at which Servify has raised the brand new funds, however mentioned the startup was “nearing the unicorn” standing. “For me, all these valuations are nonetheless paper valuations. Whenever you go public, actual valuation is revealed,” he mentioned.
Servify can be trying to deploy the contemporary funds to purchase smaller corporations. Since its final funding spherical in September 2020, Servify has acquired a few startups together with Noida-based 247Around, which supplies the startup with entry to over 100 producers within the kitchen and small home equipment house, and Germany-based WebToGo to strengthen its diagnostics capabilities, in keeping with Prabhakar.
“We have now a few worldwide targets in thoughts,” he mentioned, with out disclosing any names.
“Product safety is not an afterthought; in truth, it’s quickly taking heart stage for each OEMs and shoppers. We, due to this fact, see Servify steadily transferring in the direction of international management on this huge addressable market of over $100 billion and are assured that they may ship an excellent end result for all of us,” mentioned Apurva Patel, Managing Partner at Singularity Development, in a press release.