SUMMARY
- Servify raised ₹84 crore ($10 million) in its Series D round, with Bajaj Holdings, Trifecta, and Innoven Capital participating in a mix of equity and debt.
- The company is valued at approximately ₹7,074 crore ($852 million) post-funding and has raised around $125 million to date.
- Servify reported a 95% revenue growth to ₹611 crore for FY23 but faced net losses of ₹229 crore, with FY24 results yet to be filed.
Servify, a Mumbai-based post-sales service platform, has successfully raised ₹84 crore (approximately $10 million) in a new tranche of its Series D funding round. The investment was secured through a combination of equity and debt financing from Bajaj Holdings, Trifecta, and Innoven Capital.
The investment structure includes the issuance of 500 non-convertible debentures and 116,555 compulsorily convertible preference shares (CCPS), as detailed in the company’s regulatory filings with the Registrar of Companies (RoC). Bajaj Holdings contributed ₹34 crore through equity financing, while Trifecta and Innoven Capital each provided an equal share of the remaining amount through debt.
Following this funding round, Servify is valued at approximately ₹7,074 crore (about $852 million), according to estimates from TheKredible. The company provides brand-authorized after-sales support for a range of products including mobile phones, personal gadgets, electronics, and home appliances. It allows users to manage their electronic gadgets, store purchase receipts, and access authentic brand services beyond warranty periods.
To date, Servify has raised approximately $125 million, including $65 million from the ongoing Series D round, which is led by Singularity Growth Opportunity Fund. Prior to this funding, Iron Pillor was the largest external stakeholder with a 28.8% share, followed by Beenext and Blume Ventures with 9.87% and 8.20% stakes, respectively.
The company’s financial performance shows strong growth, with a year-on-year revenue increase of over 95% to ₹611 crore for the fiscal year ending March 2023. However, Servify reported net losses of ₹229 crore for the same period. The company has yet to file its annual results for FY24.
Source: Entrackr
