Servify Secures Rs 66.27 Crore in Series D Funding Round

Post-sales service company Servify is in the process of raising Rs 66.27 crore (approximately $7.8 million) through its current Series D funding round, which is being led by BEENEXT Capital. The Singularity Growth Opportunities Fund is also participating in this round.

The board at Servify has approved a special resolution to issue 2,27,170 Series D3 CCPS, priced at Rs 2,917 each, in order to raise Rs 66.27 crore, as reported in their regulatory filing from the Registrar of Companies (RoC).

BEENEXT Capital, via its BEE Accelerate Fund2, is set to contribute Rs 48.27 crore to this funding, with the balance coming from the Singularity Growth Opportunities Fund.

As per the valuation report provided by the company, the post-money valuation is projected to be around $690-700 million. Last year, Servify raised $10 million through a combination of equity and debt at a valuation of $852 million. Additionally, a report by Mint indicated that the company is in discussions to secure $100 million at a unicorn-level valuation, although achieving that target may prove to be challenging.

About Servify’s Offerings

Servify provides brand-authorized after-sales support for a range of products, including mobile phones, personal gadgets, electronics, and home appliances. The platform enables users to register their household electronic devices, keep track of purchase receipts, and avail of genuine brand services during or after the warranty period.

Financial Performance of Servify

To date, Servify has raised over $135 million, including a $65 million Series D round led by the Singularity Growth Opportunities Fund.

In the last fiscal year (FY24), Servify recorded a 23.6% increase in year-on-year revenue, rising to Rs 755 crore from Rs 611 crore in FY23. Notably, the company’s losses have significantly decreased by 59%, amounting to Rs 94 crore during the same timeframe.