Servify scoops up $5m, growth slows despite big brand tie-ups

Mumbai-based Servify has raised about US$5 million (around 428 million rupees) in primary capital in its ongoing series D3 round, according to people familiar with the matter.

In terms of valuation, investors say this was a flat round for the Indian platform, which provides device lifecycle management and after-sales services to global consumer electronics brands like Apple, Samsung, and Lenovo.

Following this round, investors expect the company’s valuation to remain below 50 billion rupees (US$554 million), which would be about US$146 million lower than the publicly reported figure in March last year.

Investors involved in the raise included Bee Accelerate Fund II, Iron Pillar India Fund II, Bajaj Holdings and Investment, and the World Bank’s International Finance Corporation (IFC), people aware of the cap table said.

Servify’s North America team / Image credit: Servify

The company is in talks to raise more money with domestic and international funds, said one person familiar with the matter. In June 2025, IFC offered to make an equity investment of up to US$12.5 million in Servify.

Alongside the primary round, US$7.4 million (666 million rupees) worth of Servify shares were sold in the secondary market below the primary pricing, added investors in the startup. Servify did not respond to requests for comment.

Founded in 2015 by Sreevathsa Prabhakar, who is also the company’s CEO, Servify operates in North America, Europe, the Middle East, China, and Turkey.

While it started as a consumer-facing app that helped users book repairs, it pivoted in 2016 to become a B2B platform handling product diagnosis, warranty and protection plans, queue management, and after-sales customer engagement.

By around 2016 to 2017, it pivoted again when it realized that the big money was with large electronic brands, industry sources say. So the company began selling workflow and customer management software by partnering with electronic brands, insurers, logistics companies, and service partners, where it could get higher volumes and recurring contracts.

A mixed picture

Entrackr data shows that Servify’s revenue from operations rose from about US$27 million in its financial year ended 2021 to US$64 million in FY22.

Revenue then increased to about US$74 million in FY23 and further to roughly US$92 million in FY24, reflecting year-on-year growth of about 24% in the most recent fiscal year.

Still, despite the company’s client roster – which includes Apple, Samsung, HP, AT&T, Xiaomi, Lenovo, Oppo, Vivo, and Bose – market participants are skeptical about its growth trajectory.

A Servify investor says that there’s confusion over conflicting data regarding the company’s reported revenue numbers, recent fundraise, and valuation. For instance, what has been shared by the company officially is not the same as the numbers investors are getting from other sources.