Pine Labs is an online post-sale service startup that announced a 23.6 percent increase in operational revenue to Rs 755 crore in FY24. The startup provides a self-learning post-purchase service 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 application enables users or businesses to search for real-time prices by taking data such as real-time pricing details and past transactions. The white-labeled protection plans sold through web portals and mobile apps are the company’s major source of revenue.
Entrackr mentioned in its report that the firm also earns income through mobile handset and spare parts sales which increased by 66 percent Rs 91 crore in FY24. The income from white labels protection and web portal amounted to 87.8 percent of the operating revenue and increased by 19.2 percent to Rs 663 crore in the same duration.
The company has secured over 164 million USD across multiple funding rounds since its inception, including $4.05 million raised during its series D funding round led by BHIL. The data intelligence platform, tracxn mentioned that the company’s post-money valuation was around 854 million USD in February 2024.
The Mumbai-based startup provides after-sales support services for mobile devices, home appliances, and gadgets. The online platform allows users to store purchase bills and access official services during and after warranty periods for their devices. The company also received an investment of $65 million from Singularity Growth.
The employee benefits decreased from Rs 183 crore to Rs 158 crore in FY24. The legal, information technology, telecommunications, and other expenses increased the total cost to Rs 859 crore in the last financial year. The total expenditure of the firm increased by 1.4 percent to Rs 859 crore in the same duration.
The post-sale service offering firm posted a 59 percent decrease in its losses to Rs 94 crore in this fiscal year. The increased sales and steady cost control helped the company to reduce its losses for this fiscal year. The cost of materials, mobile handsets, and plans account for 66.8 percent of the total expenditure. The EBITDA margin also stood at -8.83 percent while the ROCE was around -34.48 percent. Servify faces competition from other after-sale service platforms such as Qarmatek and Ruiyun service cloud.
Conclusion :
The B2B post-sale startup Servify announced a 23.6 percent increase in its operational revenue to Rs 755 crore in FY24. This online platform provides post-sale service solutions for a great customer experience. These white-labeled protection plans and mobile handset or spare parts sales are the firm’s primary sources of revenue.
The loss also saw a 59 percent decrease to Rs 94 crore in FY24. The total expenditure of the firm saw an increase of 1.4 percent and crossed Rs 859 crore in the same duration. The startup saw a reduction in its employee benefits to Rs 158 crore in this financial year. The company has secured over 164 million USD across multiple funding rounds to date.
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