The India-based company partners with biggest smartphone vendors, including Apple, Samsung, OnePlus, and Xiaomi and claims it may receive another USD 10 million in the same funding round. The current Series D was led by Singularity Growth Opportunity and was backed by new and existing investors, including Blume Ventures, DMI Sparkle Fund, and Pidilite.
So far, Servify has raised USD 110 million and works with over 75 electronics device manufacturers and offers white label after-sales services, including damage protection and extended warranty. The company’s partners can also use the platform to offer trade-ins, upgrade, and financing prorammes to customers, contributing to the overall digitalisation and financial inclusion.
Servify operates in more than 40 countries worldwide, including the US, UK, India, Canada, and Turkey, and plans to continue its expansion by entering the Latin American market by the end of 2022. It is also exploring the possibility to increase its presence in Asia, with Japan being the first country on the list.
However, Servify continues to be heavily India-oriented, as 60% of its business happens locally. Granted, the country is the world’s second largest smartphone market after China, with more than 750 million smartphone users. And, as the country continues to increase its digitalisation rate by integrating SMEs and micro companies into an ecommerce ecosystem, the number of smartphone users will continue to grow.
Moreover, the uses of a smartphone have expanded well beyond a simple communication device and can now be utilised to make and accept payments, place online orders, and even turn it into a mobile POS for card and QR code payments. Given the market opportunities, Servify is looking to expand its coverage well beyond smartphones, tablets, laptops, and wearables, and enter new markets like home appliances and electric vehicles.
The startup aims to become profitable by the end of September 2022, with a 18-20% profit margin rate. Once it achieves this milestone, the company’s founder is looking to file an initial public offer (IPO), with a timeline of up to two years, without disclosing the valuation at which Servify will apply for.
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