Iron Pillar leads Series C for Indian after-sales service player
Iron Pillar has led a $23 million Series C round of funding for Servify, an India-headquartered start-up that integrates parties involved in smart device retail with a view to improving customer service experience.
The venture capital firm made the investment from a $45 million top-up facility that closed earlier this year to provide ongoing support to existing portfolio companies. Iron Pillar has been a backer of Servify since 2018, the year its debut fund closed with commitments of just over $90 million.
The Series C also features existing investors such as Blume Ventures, Beenext, and Europe-based Tetrao SPF. 57 Stars and Madhu Kela Family Office came in as a new investor alongside the Sparkle Fund, which is controlled by India's DMI Finance, SF Roofdeck Capital, a unit of Silicon Valley investment bank FT Partners, and Go Ventures, an investment arm of Maltese telecom carrier Go.
Additional financing came from Trifecta Capital, Servify's incumbent venture debt provider.
Founded in 2015, Servify operates a device lifecycle management platform that brings together brand owners, retailers, distributors, insurers, service providers and carriers. It manages device protection programs for the likes of Apple, Samsung, OnePlus, Xiaomi, Nokia, Motorola, and Airtel as well as device exchange and buyback programs for Apple, Samsung, and OnePlus.
The company operates a network comprising 16,000 service partners and more than 43,000 retail locations that supports over three million monthly transactions. It has offices in the US, Canada, China, the Middle East and Europe, as well as India, and boasts customers in more than 50 countries. The new capital will go towards scaling up global operations and improving the technology platform.
"Servify is a unique business built from India for global markets with no pure comparable companies anywhere. Their software is solving a hard problem of after-sales service experience for marquee brands with very high standards," said Anand Prasanna, a managing partner at Iron Pillar, in a statement. He added that the company has demonstrated impressive growth in 2020, despite challenges arising from COVID-19.
Iron Pillar is a venture growth investor that primarily participates in Series B, C and D rounds for proven consumer internet and enterprise technology businesses. Earlier this year, the firm sold a stake in itself to Nitya Capital, a US-headquartered real estate investment firm. Nitya has a strong Indian diaspora network within the US technology sector and Iron Pillar will use this to find advisors, mentors, and co-investors.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.