Servify’s income spikes around 2X to Rs 611 Cr in FY23


Device management startup Servify raised $65 million in a pre-IPO round led by Singularity Growth Fund in August 2022. The funding accelerated the company’s scale by over 95% with a meager increment in losses in the fiscal year ending March 2023.

Servify’s revenue from operations spiked to Rs 611 crore in FY23 from Rs 313 crore in FY22, according to the company’s consolidated financial statements filed with the Registrar of Companies.

Financial FY23


Operating Revenue

Total Expense

Profit / Loss

Amount in ₹ Cr

The Mumbai-based firm offers brand-authorized after-sales support for consumer electronics, including mobile phones, electronics, and home appliances. The sale of white-labeled protection plans for various products jumped 2.1X to Rs 556 crore in FY23. The rest of the income comes from the sale of products. 

See TheKredible for the detailed revenue breakdown.

Servify operates across India, China, Europe, the Middle East, Canada, and the US.  India contributed 62.5% to the firm’s revenue while the US formed 35% of the total collections in FY23.

The purchase of device protection plans from manufacturers accounted for 65% of the total expenditure which grew by 82.4% to Rs 549 crore in FY23. Its employee benefits, legal-professional, and information technology costs including other operating overheads took the total expense to Rs 847 crore in FY23, up by 64.1% from the previous year.

Check TheKredible for the detailed expense breakup.

Expense Breakdown

Total ₹ 516 Cr
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Total ₹ 847 Cr
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  • Purchase of device protection plan
  • Employee benefit expense
  • Legal professional charges
  • Information technology expenses
  • Others

The notable scale and prudent cost mechanism helped Servify control its losses, which increased only 12.8% to Rs 229 crore in FY23 from Rs 203 crore in FY22. Its ROCE and EBITDA margin, however, stood at -192% and -28% respectively. On a unit level, it spent Rs 1.39 to earn a rupee of operating revenue in FY23.


FY22 FY23
Expense/Rupee of ops revenue ₹1.65 ₹1.39
ROCE -203 -192
EBITDA Margin -71% -28%

Caveat: The revenue and losses figures are according to the latest financial statements filed for FY 22-23. The firm posted Rs 486 crore in revenue in its FY22 reporting period. The change is due to changes in the accounting policies.

Servify has raised $125 million to date including a $78 million Series D round and is valued at around $850 million. According to the data intelligence platform TheKredible, Iron Pillar is the largest stakeholder with 28.8% followed by Blume Ventures and Beenext. Its founder Sreevathsa Prabhakar owns 18.4% of the company.

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