Apple and Samsung accomplice Servify raises $65M for its aftermarket units and administration platform

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Servify, a startup that manages the device lifecycle of several popular smartphone manufacturers together with Apple and Samsung in lots of markets, has raised $65 million because it goes public in two years.

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Singularity Growth Opportunity Fund has led Series D funding for a Mumbai-headquartered startup. AmTrust and household workplaces together with Pidilite and present traders Iron Pillar, Beenext, Blume Ventures, and DMI Sparkle Fund additionally participated within the spherical.

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The spherical continues to be open and the startup has mentioned that a number of different traders wish to again Servify. In the present spherical, it’s anticipated to lift one other 5 to 10 million {dollars}.

The seven-year-old startup, which has raised greater than $110 million to this point, works with greater than 75 digital gadget producers, together with OnePlus and Xiaomi, and provides them after-sales companies similar to injury safety and prolonged warranties. Partner corporations additionally use the Servify platform of the identical identify to supply change, improve and financing packages to prospects.

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servicewhich operates in over 40 nations together with India, the US, the UK, Canada, Saudi Arabia and Turkey, plans to broaden into Latin America this fiscal 12 months and can be contemplating a Japanese debut, mentioned Srivatsa Prabhakar, Founder and CEO. startup officer, in an interview.

India, the world’s second largest smartphone market, accounts for 60% of Servify’s enterprise, he mentioned.

Servify, which presently focuses on smartphones, tablets, laptops and wearables, additionally plans to broaden its protection to service residence home equipment and electrical automobiles, he mentioned.

In latest quarters, firms similar to Apple and Samsung have given their prospects self repair services. How do such packages have an effect on Servify?

Prabhakar mentioned that the self-repair packages of main producers out there can be “positive” for Servify as it will proceed to cost them for offering spare components as a part of their self-service repairs. Such packages might end in fewer individuals choosing trade-in and improve choices as they’ll prolong the lifetime of their present units, he mentioned.

Business Outlook

Servify, which employs over 700 individuals worldwide, claims it’s presently on monitor to generate over $130 million in annual income. According to him, the startup is working to grow to be worthwhile as early as subsequent month.

Once Servify generates 18-20% profitability, he mentioned, he plans to file for an preliminary public providing. According to him, the present phrases of the IPO are from 18 months to 2 years.

He didn’t disclose the valuation at which Servify raised the brand new funds, however mentioned the startup is “close to unicorn status.” “For me, all these estimates remain paper. When you go public, the real valuation is revealed,” he mentioned.

Servify additionally hopes to make use of recent money to purchase smaller corporations. Because it latest funding round In September 2020, Servify acquired a number of startups, Prabhakar mentioned, together with Noida-based 247Around, which provides the startup entry to greater than 100 kitchen and small equipment producers, and German firm WebToGo to broaden its diagnostic capabilities.

“We have several international targets,” he mentioned, with out naming names.

“Product protection is no longer a secondary concern; in fact, it is quickly taking center stage for both OEMs and consumers. Therefore, we see Servify steadily moving towards global leadership in this huge addressable market worth over $100 billion and are confident that they will bring great results for all of us,” mentioned Apoorva Patel, Managing Partner of Singularity Growth.

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