News Post

Exclusive: Servify raises $10 Mn in debt and equity

Entrackr · 2m

Post-sales service firm Servify has raised Rs 84 crore ($10 million approximately) in a fresh tranche of a Series D round from Bajaj Holdings, Trifecta, and Innoven Capital in a mix of equity and debt. The board at Servify has passed a special resolution to issue 500 non-convertible debentures and 1,16,555 compulsorily convertible preference shares (CCPS) for a total consideration of Rs 84 crore or $10 million, as per its regulatory filings with the Registrar of Companies (RoC). Bajaj Holdings invested Rs 34 crore through equity, while Trifecta and Innoven Capital contributed the remaining amount equally through debt financing. According to TheKredible estimates, the company has been valued at around Rs 7,074 crore or $852 million post-allotment. Servify offers brand-authorized after-sales support for mobile phones, personal gadgets, electronics, and home appliances. The platform allows consumers to add their household electronic gadgets onto the platform, store the bills, and access authentic brand-authorized service during or beyond the warranty period. The Mumbai-based company has raised around $125 million to date including $65 million in the ongoing Series D round led by Singularity Growth Opportunity Fund in 2022. According to the startup data intelligence platform TheKredible, prior to this tranche, Iron Pillor was the largest external stakeholder with 28.8% followed by Beenext and Blume Ventures which command 9.87% and 8.20% respectively in the company. See TheKredible for the complete shareholding pattern. The device management firm showcased a robust financial standing with over 95% year-on-year growth to Rs 611 crore during the fiscal year ending March 2023. However, the firm’s net losses stood at Rs 229 crore in the same period. The company is yet to file its annual results for FY24.