Servify offers a post-purchase service platform for customers. It offers device care programs, including underwriting, distribution, claims administration, and fulfillment. It also provides device health assessments using diagnostics solutions and offers buyback programs and many other services. The company was founded in 2015 and is based in Mumbai, India.
Expert Collections containing Servify
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Servify is included in 3 Expert Collections, including Digital Lending.
This collection contains companies that provide alternative means for obtaining a loan for personal or business use and companies that provide software to lenders for the application, underwriting, funding or loan collection process.
Companies and startups that use of technology to improve core and ancillary insurance operations. Companies in this collection are creating new product architectures, improving underwriting models, accelerating claims and creating a better customer experience
Sales & Customer Service
Companies offering technology-driven solutions to enable, facilitate, and improve customer service across industries. This includes solutions pre-, during, and post-purchase of goods and services.
Latest Servify News
Dec 9, 2023
SHARE Excluding the borrowing costs, Servify’s net loss increased about 16% to INR 229 Cr in FY23 from INR 198 Cr in FY22 Operating revenue almost doubled to INR 313 Cr during the year under review from INR 611.2 Cr in FY22 Founded in 2015, Servify operates across three continents and its offerings include device protection, product buybacks, and device exchange Device management startup Servify’s net loss narrowed to INR 229.1 Cr in the financial year 2022-23 (FY23) from INR 2,860.8 Cr posted in the previous fiscal, helped by a sharp decline in non-operating expenses. Besides, Servify’s operating revenue almost doubled to INR 313 Cr during the year under review from INR 611.2 Cr in FY22. Founded in 2015 by Sreevathsa Prabhakar, Servify’s offerings include device protection, product buybacks, and device exchange. The startup earns a majority of its revenue from sale of services, including sale of device protection plans and platform licenses. In FY23, the startup’s income from sale of services increased to INR 556.3 Cr from INR 267.5 Cr a year ago. Revenue from sale of products rose 20.6% year-on-year (YoY) to INR 54.9 Cr in FY23. Servify operates across three continents with regional offices in the US, Canada, China, the Middle East, and Europe. Among these, India continues to be the biggest source of revenue for the startup. It earned INR 382.2 Cr from India, with more than 85% of it coming from sale of services. The US was the second-biggest market, generating revenue of INR 213 Cr in FY23. Europe contributed INR 5.3 Cr to its revenue, while the number stood at INR 6.7 Cr for the UAE. Canada contributed the lowest to Servify’s revenue at INR 19.56 Lakh. Interestingly, all the regions witnessed a YoY growth in sales. Overall, including interest income and other non-operating income, Servify’s total revenue stood at INR 613.4 Cr in FY23 as against INR 315.2 Cr in the prior year. Servify’s Expenses Plunge The startup reported an over 73% decline in its total expenses to INR 846.7 Cr in FY23 from INR 3,176.4 Cr the previous year. Finance Cost: The sharp fall in expenses was led by an almost 100% decline in Servify’s finance cost which stood at INR 3 Cr in the reported year as against INR 2,665.9 Cr in FY22. Within this, other borrowing costs declined to INR 26.29 Lakh in FY23 from INR 2,662.94 Cr in the previous fiscal year. Other borrowing costs is a non-operating expense referring to fair value of loss on financial instruments. Excluding the borrowing costs, Servify’s net loss increased about 16% to INR 229 Cr in FY23 from INR 198 Cr in FY22. Employee Cost: Servify managed to lower its total expenses even as its employee benefit expenses shot up almost 45% to INR 182.7 Cr in FY23 from INR 126.2 Cr in the prior fiscal. In that, the startup’s salaries and wages rose 43.5% YoY to INR 141 Cr. Its employee share based payment (equity settled) also increased 33.8% YoY to INR 28.5 Cr in FY23. Cost of Materials Consumed: Meanwhile, the startup’s direct operating cost in the form of cost of materials consumed shot up more than 95% to INR 495 Cr in FY23 from INR 253.7 Cr a year ago, with underwriting and servicing expenses comprising the largest portion of it. Servify spent INR 345.9 Cr as underwriting and servicing expenses, which jumped 125% YoY. Its commission expense also increased 52.2% YoY to INR 116.4 Cr in FY23. Other heads in this expense bucket included protection plan purchases, subvention charges, courier charges, and service and upcountry charges. Legal Professional Charges: Servify spent INR 22 Cr towards legal professional charges in FY23, which increased from INR 21.6 Cr in the previous year. IT Expenses: Servify’s IT expenses zoomed almost 68% YoY to INR 13.7 Cr in FY23. Servify is backed by the likes of BEENEXT, Blume Ventures, and DMI Sparkle Fund, among others. Earlier this year, the startup acquired AI-enabled engagement platform Jubi.ai in a cash and equity deal. It last raised funding in August 2022, when it bagged $65 Mn as part of its Series D funding round led by Singularity Growth Opportunity Fund.
Servify Frequently Asked Questions (FAQ)
When was Servify founded?
Servify was founded in 2015.
Where is Servify's headquarters?
Servify's headquarters is located at Solitaire Corporate Park, Andheri East, Mumbai.
What is Servify's latest funding round?
Servify's latest funding round is Convertible Note.
How much did Servify raise?
Servify raised a total of $120.34M.
Who are the investors of Servify?
Investors of Servify include Trifecta Capital Advisors, CE Ventures, Blume Ventures, BEENEXT, Iron Pillar and 14 more.
Who are Servify's competitors?
Competitors of Servify include OneDios and 6 more.
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