Iron Pillar leads $15 million funding in Servify
Servify will use the funding from investors Iron Pillar, Blume Ventures and Beenext to add depth to its senior management and building new tech solutions for its clients
Mumbai: Iron Pillar, an India-focussed venture growth investor in mid-stage technologies, is leading a $15 million series B investment round in Servify, which provides personalized after-sales service and management for smartphones. Existing investors Blume Ventures and Beenext also participated in the round.
Founded by Anand Prasanna, a former director of Morgan Creek; Sameer Nath, a former Citigroup India investment banking head; and Mohanjit Jolly, a former DFJ India head, this is Iron Pillar’s third investment from its maiden fund.
Started in 2015, Mumbai-based Servify, run by Service Lee Technologies Pvt. Ltd, provides protection against accidental damage as well as solutions for recycling and buyback for smartphones.
It also has a mobile app that works as a personal assistant for consumers who can list their electronic gadgets and household on it, store the bills, and access authentic brand authorised service.
The company has recently launched operations in the US and is setting up operations in Europe to cater to existing clients who want the same high level of post-purchase experience for their international customer base that Servify provides them in India.
Servify currently works with a number of top device brands, retailers, distributors, insurers, service providers and carriers such as Amazon, AmTrust, Apple, Croma, Godrej, Huawei, Ingram Micro, Motorola/Lenovo, Nokia, OnePlus, OPPO, Panasonic, Redington, Reliance Jio, Reliance Retail and Xiaomi.
“Servify’s approach of working directly with the entire ecosystem and using an array of software solutions to organize the otherwise highly unorganized post purchase ecosystem is truly unique in the world,” said Anand Prasanna, managing partner at Iron Pillar.
Servify will use the funds from the latest funding for adding depth to senior management and building new technology solutions for its clients.
This is its third funding round, after earlier rounds in April and November 2016. The amounts for both rounds were undisclosed.
Sreevathsa Prabhakar, founder and CEO of Servify, said: “We are proud to have Iron Pillar in the team, who understood the huge opportunity that we are pursuing, during our very first meeting, like our existing believers Blume and Beenext”.
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