Servify, a Mumbai-headquartered startup that operates a gadget lifecycle management system and is effective deeply with manufacturers such as Apple and Samsung in a range of geographies, has elevated $23 million in a new financing round.
The Collection C financing round for the 5-yr-previous startup was led by present investor Iron Pillar, and other current buyers which includes Blume Ventures, Beenext, and Tetrao SPF participated in the spherical. The new spherical pushes Servify’s to-date increase to $48 million.
Servify performs with enterprises these types of as Apple, Samsung, OnePlus, Xiaomi, Nokia, Motorola, and Airtel and handles just after-income solutions this sort of as device safety, trade, and trade-in applications for its companions, spelled out Sreevathsa Prabhakar, founder and main executive of the startup, in an interview with TechCrunch.
The startup, which provides its products and services as a result of a whitelabel arrangement with enterprises, operates with in excess of 50 makes and reaches in excess of 50 markets. With Apple, it functions in three geographies, and in about 50 % a dozen with OnePlus .
The new round, which was oversubscribed, will assist the startup develop its experience in many new merchandise classes and deepen its get to in international marketplaces, mentioned Prabhakar, who has much more than a 10 years of knowledge in overseeing following-product sales and other gadget management firms.
“We are keenly intrigued in exclusive companies addressing challenging complications in very huge and worldwide marketplaces and are energized to continue to back the enterprise in its next stage of expansion. Stellar execution by Servify’s staff combined with its differentiated technology platform have led to the company’s spectacular development this calendar year inspite of Covid-19 associated worries,” explained Anand Prasanna, Controlling Spouse at Iron Pillar, in a assertion.
The coronavirus outbreak has deeply impacted the business of Servify, which was worthwhile in the money calendar year that ended in March. The thirty day period of April and May, when quite a few nations enforced lockdowns, the startup’s business enterprise achieved a finish halt. But in the months due to the fact, it has not only totally-recovered but developed to new heights, claimed Prabhakar. Throughout no time, the business laid off any employee or lowered their salaries, he stated.
TechCrunch asked Prabhakar if he would at any time contemplate engaging with buyers immediately. He explained the latest design of Servify enables it to receive buyers at no cost and he thinks it’s the proper model to maintain shifting ahead.
“It is pretty fulfilling as we have far more than quadrupled our earnings in 2020 till day, and elevated resources for growth even for the duration of the challenging economic local climate. This further strengthens our perception that we have developed a globally scalable sound organization that is not only trustworthy by large models, but also the trader local community,” he explained.
Far more to follow…