Iron Pillar leads $15m Series B for India’s Servify
Iron Pillar has led a $15 million Series B round for Servify, an India-based developer of customer experience management solutions for electronic device manufacturers.
Existing investors Beenext and Blume Ventures also participated in the funding round, according to a release. The capital will be used to expand Servify’s product offering and to fill out its senior management team.
Founded in 2015, Servify develops software and technology solutions to create a unified after-sales experience ecosystem for buyers of electronic devices, incorporating every step of the device value chain. Its products are used by Indian brands such as Godrej and Reliance Jio, as well as global names including Apple, Huawei, Panasonic, Amazon, and Xiaomi. The company recently launched its US operations and plans to open an office in Europe soon.
Servify partners with insurance providers to offer customers protection against accidental damage, and also provides solutions for recycling and reselling smart phones. It also has a mobile app that customers can use to store billing information for their devices and access post-sale service options.
This is Servify’s third funding round, following an initial investment led by Blume in 2016 and a Series A round from Blume and Beenext the same year. The size of both previous rounds was not disclosed.
“We are proud to have Iron Pillar in the team, who understood the huge opportunity that we are pursuing during our very first meeting,” said Sreevathsa Prabhakar, founder and CEO of Servify. “I am very excited, as the global industry connections the Iron Pillar team brings will help us scale significantly.”
This is the third investment from Iron Pillar’s first fund, which launched in 2017 with a target of INR2 billion ($28 million) and reached a first close of INR1.3 billion last year. The firm previously invested an undisclosed amount in online jeweler BlueStone and joined a $10 million Series B round for web solutions provider NowFloats.
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