Servify, a startup headquartered in Mumbai that operates a device lifecycle management platform and works closely with brands like Apple and Samsung raised $ 23 million in a new round of funding in a number of regions.
The Series C funding round for the five-year-old startup was led by existing investor Iron Pillar, and other existing investors including Blume Ventures, Beenext and Tetrao SPF participated in the round. The new round increases Servify's previous increase to $ 48 million.
Servify works with companies such as Apple, Samsung, OnePlus, Xiaomi, Nokia, Motorola and Airtel and takes care of device protection, exchange and trade-in programs for its partners, explained Sreevathsa Prabhakar, founder and CEO of the startup in an interview with theinformationsuperhighway.
The startup, which offers its services via a white label arrangement, works with over 50 brands and is represented in over 50 markets.
The new round, which was oversubscribed, will help the startup expand its expertise in many new product categories and deepen its reach in international markets, Prabhakar said.
“We are very interested in unique companies dealing with difficult issues in very large and global markets and look forward to continuing to support the company in its next phase of growth. The excellent execution by the Servify team combined with the differentiated technology platform has resulted in impressive growth for the company this year despite the challenges associated with Covid-19, "said Anand Prasanna, Managing Partner at Iron Pillar, in a statement.