Servify, a startup that offers brand-authorised after-sales service for devices, has raised $15 million (Rs 106 crore) in a Series B round led by Iron Pillar, an India-focused firm which invests in mid-stage companies, a statement said.
Existing investors Blume Ventures and Beenext also participated in the round, the statement added. This is Iron Pillar’s third investment from its maiden fund.
Servify works with a number of top device brands, retailers, distributors, insurers, service providers and carriers such as Amazon, AmTrust, Apple, Croma, Godrej, and Huawei. Others include Ingram Micro, Motorola/Lenovo, Nokia, OnePlus, OPPO, Panasonic, Redington, Reliance Jio, Reliance Retail, and Xiaomi.
Servify, run by Mumbai-based Service Lee Technologies Pvt. Ltd, has a mobile app where consumers can list their electronic gadgets and access brand-authorised service.
Iron Pillar and Sreevathsa Prabhakar, founder and chief executive of Servify, did not respond till publication of the story.
The company had last raised funds from Blume Ventures, Beenext and two German firms, Barkawi Holdings GmbH and TM Service Technology Holdings GmbH.
Founded in 2015, Servify claims to have 600 partners on its platform and close to 100,000 customers. Founder Prabhakar has worked with Nokia, Tata, Samsung and Apple.
Servify said it has built a nearly profitable business in India, where it has established itself as the market leader. The company recently launched operations in the US and is setting up operations in Europe.
Servify's ecosystem includes an app for field executives as well as an app for retailers. The consumer version of the app is currently available both on Android and iOS stores.
Iron Pillar is a venture growth investor specialising in mid-stage tech companies in India.
VCCircle first reported that Iron Pillar Capital was floated in 2015 by Anand Prasanna, previously head of Asia for international investment advisory firm Morgan Creek. He moved out of Morgan Creek after a three-year stint. He had joined the private investment firm in December 2012 from Asia-focused fund-of-funds Squadron Capital.
Iron Pillar also has offices in Singapore and Palo Alto (US).
With a target corpus of Rs 200 crore, Iron Pillar’s maiden fund has already made a first close of Rs 129 crore, going by reports.
So far, the fund has invested in Hyderabad-based small and medium enterprise-focused SaaS startup NowFloats Technologies, and Bluestone Jewellery and Lifestyle, which owns and operates online jewellery platform Bluestone.com. SaaS is software as a service.