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 (Crescent Enterprises Venture Capital) and Trifecta Venture. The round is a mix of equity and debt.
The new money has come for the Mumbai-based firm after eight months of its $65 million worth series D financing round. Servify has raised over $120 million to date and is currently valued in the range of $680 to $700 million.
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, as per its regulatory filings with the Registrar of Companies (RoC).
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. The platform allows consumers to add their household electronic gadgets onto the platform, store the bills, and access authentic brand authorized service during or beyond the warranty period.
Servify demonstrated solid financial performance in the fiscal year ending March 2022 as its revenue from operations spiked 2.4X to Rs 486 crore during FY22 as compared to Rs 198 crore in FY21. As per Fintrackr’s analysis, the company’s losses increased by nearly 80% and crossed Rs 200 crore during the fiscal against Rs 114 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.
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.
