The Mumbai-based post-sales service firm, Servify, has raised Rs 46.5 crore ($5.7 million) in a new tranche of Series D round from CE Ventures and Trifecta Venture. The round is a mix of equity and debt. The board at Servify has passed a special resolution to issue, offer, and allot 300 Series D1 non-convertible debentures (NCDs) and 67,875 Series D2 compulsorily convertible preference shares (CCPS) for a total consideration of Rs 46.5 crore or $5.7 million. CE Ventures invested Rs 16.5 crore in exchange for equity while Trifecta Venture poured in Rs 30 crore via debt. Servify offers brand-authorized after-sales support for mobile phones, personal gadgets, electronics, and home appliances. Servify demonstrated solid financial performance in the fiscal year ending March 2022, with its revenue from operations spiked 2.4X to Rs 486 crore during FY22 compared to Rs 198 crore in FY21. According to the company, it has a presence in 40 countries which includes North America, Europe, the Middle East, Turkey, and Asia. In August, Servify claimed that it was clocking an annual revenue rate of more than Rs 1,000 crore with profitability in sight.
Servify has a presence in 40 countries, including North America, Europe, the Middle East, Turkey, and Asia. In August, the company claimed that it was clocking an annual revenue rate of more than Rs 1,000 crore with profitability in sight.
Earlier this year, the Sreevathsa Prabhakar-led company also acquired an AI-driven engagement platform Jubi.ai. Servify competes primarily with Onesitego, Sequoia Capital and Lightspeed-funded OneAssist, Syska Gadget Secure and ZurePro. Servify acquired an AI-driven engagement platform Jubi.ai earlier this year. In terms of competition, Servify primarily competes with Onesitego, Sequoia Capital and Lightspeed-funded OneAssist, Syska Gadget Secure, and ZurePro.