Servify is a self-learning post-sale service platform that raised $10 million in debt and equity as a part of its series D funding round. This round was led by Bajaj Holdings and had the participation of other investors including Innoven Capital, and Trifecta. Bajaj Holdings led the round with Rs 30 crore through equity followed by Trifecta and Innoven Capital investing the rest amount equally through debt funding.
The board has approved a special resolution to allot 500 non-convertible debentures and 1,16,555 compulsorily convertible preference shares at some issue price to raise 10 million USD. According to the company filing, the startup will use these fresh proceeds to scale its operations, improve its platform capability, and expand its network while developing its market presence. The startup provides a platform for users to add their household electronic devices onto the platform, manage their bills, and access warranty services during and after the warranty period. The platform uses machine learning for real-time price offers that take data such as real-time pricing details and past transactions. This startup aims to simplify the after-sale support for its users and provide them with a seamless experience.
The company claims to develop an online platform that provides after-sale support for personal gadgets, mobile phones, and home appliances with the best price options. This platform makes it faster and easier to search multiple things and collect the information in the proper order for a particular device. The startup data intelligence platform, thekredible mentioned that the company had a post-allotment valuation of Rs 7,074 crore. The company has secured over $160 million since its inception, including 1.22 million USD raised from the London Technology Club during its Series D funding round. The device management platform faces competition from other companies in the same segment such as Ruiyun service cloud, Qarmatek, and more.
The startup announced 95% YoY growth in its revenue to Rs 611 crore in FY23. However, the losses were around Rs 229 crore in the same duration. This investment will enable the startup to expand its customer base and grow its brand presence. TheKredible mentioned that before this round, Iron Pillor was the largest external stakeholder of the firm with a 28.8% stake in the company followed by Bennext with 9.87 percent and Blume Ventures with 8.20 percent.
Conclusion:
Servify is a Mumbai-based device management and post-sale service platform. The startup secured a fresh capital of 10 million USD in a fresh tranche of its series D funding round led by Bajaj Holdings with the participation of Innovation Capital, and Trifecta. The data intelligence platform thekredible mentioned the post-money allotment valuation of the company at $852 million. The startup aims to use this investment to strengthen its position, expand its network, and provide more innovative solutions. The company’s board approved the special resolution to allot 1,16,555 CCPS and 500 non-convertible debentures to raise $10 million. The startup competes with other device management platforms including Ruiyun Service Cloud and more.
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