Service Lee Technologies Pvt Ltd, which operates business-to-business device lifecycle management platform Servify, has closed its Series C funding round with $23 million (about Rs 170 crore) in commitments.
The round in Mumbai-based Servify has been led by Iron Pillar, an India-focussed venture capital fund specialising in mid-stage technology companies. In May, Iron Pillar announced that it had topped up its first fund with $45 million (around Rs 338 crore).
Other participants in this exercise include funds managed by global alternatives firm 57 Stars LLC; DMI Finance investment arm Sparkle Fund; SF Roofdeck Capital LLC of Silicon Valley-based investment bank FT Partners; Go Ventures of Maltese telecommunications company Go PLC; and Singularity Ventures along with Synergy Capital Partners.
Existing investors including Blume Ventures, Singapore-based Beenext, Tetrao SPF and venture debt firm Trifecta Capital also took part in this exercise.
In a conversation with VCCircle, Servify founder Sreevathsa Prabhakar said the firm will use the capital for growth purposes and expansion to other international markets. Apart from India, Servify maintains a presence in regions such as the United States, Canada, and European markets.
Servify will also enhance its technological infrastructure and is considering making acquisitions for its entry into some of these markets, Prabhakar said. He added that the company is expecting to achieve profitability by the next calendar year.
“Servify is a unique business built from India for global markets with no pure comparable companies anywhere. Their software is also solving a hard problem of after-sales service experience for marquee brands with very high standards,” Iron Pillar managing partner Anand Prasanna said.
Servify, set up in 2015, says it is currently connected to over 43,000 retail locations and has more than 16,000 service partners. It runs device protection programmes for brands and manufacturers including Apple, Airtel, Samsung, OnePlus, Xiaomi, Nokia and Motorola.
In August 2018, Servify raised $15 million (Rs 106 crore) in a Series B round led by Iron Pillar. Existing investors Blume Ventures and Beenext also participated in the round.
Before that, the company had raised funds from Blume Ventures, Beenext and two German firms.