Mumbai-based startup Servify has secured INR 66.27 crore in its Series D funding round, highlighting its continued leadership in the product lifecycle management industry. Servify Series D funding round was led by Singularity Growth Opportunity Fund, with significant contributions from AmTrust, Pidilite family office, BEENEXT, Blume Ventures, Iron Pillar, and DMI Sparkle Fund.
Servify Series D fund will help Servify focus on international market expansion, enhance its technology platform and scale products, particularly around consumer-friendly purchasing schemes like no-cost EMIs, instant discounts and extended warranties. A part of the funds will be used to repay existing debt and explore acquisition opportunities to strengthen its market position.
Regulatory Approvals and Valuation
As per regulatory filings, Servify’s board has approved the issue of 2,27,170 Series D3 Compulsorily Convertible Preference Shares (CCPS) at INR 2,917 each, raising INR 66.27 crore (approximately USD 7.8 million) in this tranche. BEENEXT invested INR 48.27 crore through its BEE Accelerate Fund2, the rest came from Singularity Growth Opportunities Fund. The Series D3 CCPS will convert into equity shares upon listing or at the end of the investment period and will carry a nominal annual dividend of 0.01% and preferential rights in liquidation scenarios.
Currently, Servify’s valuation is between USD 690-700 million. Note that this is lower than its valuation of approximately USD 850 million when it last raised funds in 2022. Despite this, the company is confident of reaching a USD 1 billion valuation soon and is planning to raise another USD 100 million in pre-IPO funding.
Servify will file its Draft Red Herring Prospectus (DRHP) with SEBI by August 2025. The company is looking to go public by the end of 2025 or early 2026 and raise USD 400-500 million (~INR 3,450 to 4300 crore) at a valuation of USD 1.5 billion. About 55-60% of the public issue will be an offer-for-sale (OFS) and the rest will be a fresh issue of equity shares. The pre-IPO round will be a mix of primary and secondary transactions and may include the buyback of employee stock ownership plans (ESOPs).
Financials At a Glance
Servify has shown strong financials in recent years. In FY24, the company reported INR 755 crore in revenues, a 23.6% YoY growth from INR 611 crore in FY23. Net loss reduced by 59% to INR 94 crore in FY24 from INR 229 crore in FY23. The company has already crossed INR 1,000 crore revenue in FY25 and is EBITDA profitable. This financial strength and growth have come from its diversified revenue streams from device protection plans, platform licensing, trade-in services and collaborations with large global brands.
Expanding Globally
Founded in 2015 by industry veteran Sreevathsa Prabhakar, Servify has become a major player in the post-sales services and product lifecycle management space. The company has partnered with over 75 global brands including Apple, Samsung, Xiaomi, OnePlus, HP, Vivo, Nokia, Croma, Reliance Retail, Amazon and Flipkart. It has a presence in over 40 countries with regional offices in North America, Europe, China and the Middle East. The company is operating through 50,000 retail outlets and has become a global leader in device management services.
Poised for Leadership in a Growing Market
The addressable market for device lifecycle management and post-sales services is estimated to be over USD 100 billion globally. Servify’s technology platform allows consumers to register devices, store invoices and access brand-authorized service support throughout the product lifecycle. This comprehensive approach not only enhances customer satisfaction but also provides OEMs and retailers with a robust ecosystem for warranty management, device trade-in and extended protection plans.
Roadmap Ahead: Unicorn and Global Domination
With the funding, strong financials and an IPO roadmap Servify is well poised to become a unicorn and strengthen our leadership in the device lifecycle management space. The company’s long-term vision includes expansion in emerging markets, new acquisitions and becoming the go-to platform for post-sales services.
As the demand for product protection, trade-in programs and extended warranties grows, Servify’s strategy is future proof and it will continue to be at the forefront of this industry.
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