Servify would do pre-IPO placement to raise $100Mn before submitting DRHP. This funding round will make the nine-year-old startup an unicorn. (quoted in Mint)
Servify, founded in 2015 by Sreevathsa Prabhakar, provides services like device protection, product buyback, and device exchange. Most of its revenue comes from selling services such as protection plans and platform licenses. The company declined to comment on its IPO plans.
According to sources, Servify’s revenue has surpassed Rs 1,000 crores in the current financial year (FY25), and the company has also become EBITDA profitable.
This firm is organized only in India and after the experience and giving the best, it has enhanced nationally and internationally.
Servify initially operated only in India for its first three years but later expanded globally. Nowadays, it is organized into three continents, the US, Canada, China, the Middle East, and other places, along with India.
In FY24, Servify’s operating revenue increased by 23%, reaching Rs 754 crore, up from Rs 611 crore in FY23. Its net loss also dropped by 59% year-on-year, falling to INR 93.81 crore in FY24.
However, other startups like OfBusiness, Zetwerk, and Capillary Technologies are also aiming for an IPO.
This Firm earned $65 million in series Dfunding driven by the Singularity Growth Opportunity Fund, despite a funding slowdown in late-stage startups caused by tough market conditions. Servify powers the after-sales experience for various device manufacturers.