Servify, a leading post-sales service company focused on brand-authorized support for a broad category of consumer electronics, has raised Rs 84 crore, or about $10 million, in a fresh tranche as part of its Series D fundraise round, with critical participation of big industry players like Bajaj Holdings, Trifecta, and Innoven Capital in a mix of equity and debt financing.
PC: Crunchbase
The recent development at Servify saw a special resolution passed by the company’s board to issue 500 non-convertible debentures and 1,16,555 compulsorily convertible preference shares (CCPS) amounting to a total consideration of Rs 84 crore or $10 million, regulatory filings with the Registrar of Companies said.
Of the total fundraise, Bajaj Holdings invested Rs 34 crore in the form of equity infusion. The remaining fund was infused by Trifecta and Innoven Capital together through debt financing. According to a post-allotment industry estimate by TheKredible, Servify is valued at around Rs 7,074 crore, or $852 million.
The core of Servify is authenticated after-sales support, from mobile phones to personal gadgets, electronics, and home appliances. Therefore, through the platform, consumers are assured of convenient one-click registration of household electronic devices, storage of purchase invoices securely, and getting authenticated brand-authorized service through the life of the product beyond the warranty period.
Headquartered in Mumbai, Servify has gathered nearly $125 million funding to date. Of this, close to $65 million came in during the current round of Series D, led by Singularity Growth Opportunity Fund in 2022.
According to the data provided by TheKredible, before the latest round of funding, Iron Pillor held the single largest stake as an external shareholder in Servify with 28.8%, while key investors like Beenext and Blume Ventures held around 9.87% and 8.20% stakes, respectively, in the company.
Readers can refer to the detailed report from TheKredible for an updated shareholding pattern in the company.
Despite recording net losses of Rs 229 crore in the fiscal ending March 2023, Servify declared a good key financial performance on the back of over 95% year-on-year revenue growth to Rs 611 crore for the same period. The company has not declared its annual financial results for the fiscal year 2024 and might be keenly watched by stakeholders for its progress and financial position in the coming periods.
