Servify Boosts Funding with INR 84 Cr Investment Led by Bajaj Holdings, Trifecta, and Innoven Capital Servify specialises in providing brand-authorised after-sales support for a range of consumer electronics, including mobile phones, personal gadgets, and home appliances.
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Mumbai-based post-sales service firm Servify has secured INR 84 crore (approximately USD 10 million) in a fresh tranche of its Series D funding round, featuring a mix of equity and debt investments from Bajaj Holdings, Trifecta, and Innoven Capital.
Bajaj Holdings contributed INR 34 crore in equity, while Trifecta and Innoven Capital each provided debt financing to complete the total amount.
To facilitate this capital infusion, Servify's board passed a special resolution to issue 500 non-convertible debentures and 1,16,555 compulsorily convertible preference shares (CCPS) for a total consideration of INR 84 crore or USD 10 million, as per its recent filings with the Registrar of Companies (RoC).
Servify specialises in providing brand-authorised after-sales support for a range of consumer electronics, including mobile phones, personal gadgets, and home appliances. Through its platform, consumers can add their electronic devices, store purchase bills, and access brand-authorised services both during and after the warranty period.
With this latest round, Servify's total fundraising to date stands at around USD 125 million. This includes USD 65 million raised in 2022 during the ongoing Series D round, which was led by Singularity Growth Opportunity Fund.
In terms of financial performance, Servify claims that it reported a robust 95% year-on-year growth, generating INR 611 crore in revenue during the fiscal year ending March 2023. However, the company has yet to disclose its annual results for FY24.
