Device management Servify bags $65 million in funding led by Singularity Growth
Mumbai based startup, Device management, Servify has raised $65 million in funding as a part of its pre-initial public offering (IPO) round, led by Singularity Growth Opportunity Fund.
Along with new investor AmTrust, existing investors Iron Pillar, Beenext, Blume Ventures, DMI Sparkle Fund, and Blume Ventures took part in the funding.
Smartphone OEMs can purchase white-label warranty and post-purchase support products from Servify (OEMs). It acquired 247 around in February of this year, allowing it to join the after-sales servicing market for appliances.
The most recent funding increased Servify’s estimated value to about $800 million.
The investment round’s size will increase to $72 million with the final close, which is anticipated by mid-September.
“The goal is to go public in the next 18-24 months and we want to make sure we are in line with all the reporting requirements,” said Prabhakar.“We will turn profitable in a few months and want to show sustained profitability when we go public. So, safe to say that when we go public, we will have an ARR of around $280 million, with 15% -20% of it as profits.”
According to Sreevathsa Prabhakar, the company’s founder and CEO, the investment round is still open and might receive an additional $7 million in equity from strategic partners like original equipment manufacturers (OEMs), insurance companies, and lenders.
In the next 18 to 24 months, the device management platform,Servify plans to list on the stock market too.
Mumbai based platform for device management, Servify was created in 2015 by Sreevathsa Prabhakar and it has operations throughout China, Turkey, the Middle East, North America, and Europe. It offers its customers services such as product diagnosis, queue management, warranty, and protection plans.
Servify seems to be an interesting startup with spurring new development on consumer services platform. Congratulations on your startup. May this new business bring you huge success and fulfillment.Shishir Gupta, Founder and CEO, StartupLanes
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