Singularity Growth leads Series D for India's Servify

AmTrust Financial, Iron Pillar Capital, Beenext Capital, Blume Ventures, and DMI Sparkle Fund also participated. The Series D round remains open and is hoped to raise as much as USD 10m more. It values the company at almost USD 1bn, according to local media citing founder Sreevathsa Prabhakar.

"We are not somebody who's valuation hungry since we want to build a really strong business,” Prabhakar told MoneyControl. “One thing I can tell you is we will go public in about 18 to 24 months, we are doing everything required to go public. Let the markets decide the valuation rather than any private investor.”

It follows a USD 23m Series C that featured Iron Pillar, Blume, Beenext, and DMI, as well as 57 Stars, Go-Ventures, SF Roofdeck Capital, and Trifecta Capital, among others. Total funding to date comes to more than USD 100m, according to AVCJ Research.

“The company is on track to record USD 130m ARR [annual recurring revenue], proving itself as a category-creating start-up,” Blume, which became the start-up's first institutional investor in 2016, said in a social media post.

“It is now a 700 people-strong global organisation, serving 75-plus partner firms such as OnePlus and Xiaomi in 40-plus countries. Next stop: profitability and a public listing.”

Servify’s core offering is a platform for brand-authorised after-sales services for devices from companies including Apple, Samsung, Nokia, Motorola, and Airtel.

The company also arranges delivery and related services with various retailers, distributors, insurers, and carriers. Additional partner brands include Amazon, Walmart, Flipkart, and Reliance Retail.

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• Topics
• South Asia
• Expansion
• Technology
• Consumer
• India
• Iron Pillar
• Beenext Capital Management
• Blume Ventures