BENGALURU: Servify, a product lifecycle management start-up, has raised $65 million as part of its ongoing Series D funding round, led by Singularity Growth Opportunity Fund.
Strategic investors such as AmTrust, family offices like that of Pidilite, and existing investors including Iron Pillar, BEENEXT, Blume Ventures and DMI Sparkle Fundalso participated in the round.
The funds will be used to further grow the business in international markets and strengthen the technology platform that supports brands and consumers during product usage and support (damage protection, extended warranty) and product end-of-life events (trade-in, upgrade), the company said.
Recently, Servify extended its platform to enable affordable product purchases such as No Cost EMI, instant discounts, among others. They will also scale these offerings with the raised capital.
"We are building a massive, global business from India that is already at an annual revenue run rate of over $130 million, and is on the verge of turning profitable,” said Sreevathsa Prabhakar, founder of Servify.
"Servify differentiates itself by directly partnering with the brands and their ecosystem to deliver a great experience across the product lifecycle for consumers," the start-up founder added.
Product protection is rapidly taking center stage for both OEMs and consumers. Servify is steadily moving towards global leadership in this massive addressable market of over $100 billion, said Apurva Patel, Managing Partner at Singularity Growth.
Servify has increasingly gained adoption in North America, the European Union, the UK, Turkey, Saudi Arabia, UAE, and other GCC countries. It employs over 700 people globally, and has partnered with over 75 brands, including Apple, Samsung, OnePlus, Walmart, Reliance Retail, Amazon and Flipkart, among others.