With a combination of debt and equity, post-sales service company Servify has raised Rs 84 crore ($10 million) in a new Series D round led by Bajaj Holdings, Trifecta, and Innoven Capital.
According to Servify’s regulatory filings with the Registrar of Companies (RoC), the board of directors approved a special resolution to issue 1,16,555 compulsorily convertible preference shares (CCPS) and 500 non-convertible debentures for a total consideration of Rs 84 crore, or $10 million.
Bajaj Holdings made an equity investment of Rs 34 crore, with Trifecta and Innoven Capital making equal debt financing contributions to the remaining sum. The company is reportedly valued at approximately Rs 7,074 crore, or $852 million, after allocation, according to the media.
For smartphones, tablets, laptops, and household appliances, Servify provides brand-approved post-purchase assistance. Customers can use the platform to add their household electronic devices, store their bills, and get genuine, brand-authorized service either within or after the warranty expires.
Including $65 million from the current Series D round headed by Singularity Growth Opportunity Fund in 2022, the Mumbai-based company has raised about $125 million to date.
Prior to this tranche, the media reports, Iron Pillor held the largest share of external investors in the company with 28.8%, followed by Beenext and Blume Ventures, with 9.87% and 8.20%, respectively.
During the fiscal year that ended in March 2023, the device management company showed off a strong financial position with over 95% year-over-year growth to Rs 611 crore. Nonetheless, during that same time frame, the company’s net losses were Rs 229 crore. The business has not yet submitted its FY24 annual results.
