Ecosystem Weekly | 28th Aug’22
It has been an eventful week in the startup ecosystem. The total funding reported is of $260 Mn across 24 deals, around an increase of ~192% from $135 Mn in the previous week. The uptick is attributed to the fact there were three deals of over $50 Mn.
The biggest deal of the week, $65 Mn in an ongoing Series D round, has been of Servify, which brands itself as the World’s smartest device ownership and service management platform. As per the news reports, the investing firm, Singularity pegs the addressable market of after sales device protection to be over $ 100 Bn. The company is poised to be profitable and is at an ARR of $130 Mn, as per the quoted statement of Servify’s founder.
Those numbers, if true, are impressive which would most likely make Servify a unicorn in near future. A report here estimates the company’s valuation to be over $800 Mn and is suggestive of an IPO in the next 18-25 months. But beyond numbers why would Servify claim to be the world’s smartest device ownership & service management platform?
Over 75 OEMs, nearly all of the top mobile phone brands, have partnered with Servify. The key differentiator has to be the automated decision making tool which the company has developed. The automated claim agent instantaneously approves or denies a consumer claim based on ‘sentiment & system + fault AI’ derived from device intelligence. This also leads to targeting and acquiring right customers and rewarding honest consumers. Thereby, the company claims to significantly drive down the operational costs for OEMs.
Whether Servify is the smartest platform is a redundant question. I would rather pick another phrase from their website which sounds more apt and the regular readers of our newsletter would find convincing – ‘Redefining service experience at scale.’
Startup Funding Summary
Servify, a Mumbai-based product lifecycle management startup, has raised $65 Mn in Series D funding from Singularity Growth Opportunity Fund, AmTrust, Pidilite, Iron Pillar, BEENEXT, Blume Ventures and DMI Sparkle Fund – Read More
Hector Beverages, a Bengaluru-based food & beverages company, has raised $50 Mn in a funding from GIC Special Investments – Read More
Mojocare, a Bengaluru -based health and wellness startup, has raised $20 Mn in Series A funding from B Capital, Chiratae Ventures, Sequoia India’s Surge, Better Capital, Vineet Jain, Kunal Shah, Ankit Nagori, Adrian Auon, Sajid Rahman, Ravi Bhushan and Vivekananda HR – Read More
Awign, a Bengaluru-based HR tech startup, has raised $15 Mn in Series B funding from Bertelsmann India, Amicus Capital Partners, Mynavi Corporation, Michael & Susan Dell Foundation, Client Associates and Unitus Ventures – Read More
XYXX, a Surat-based apparel brand, has raised $11 Mn in Series B funding from Singularity Growth Opportunities Fund, Trifecta Capital, DSG Consumer Partners and Sauce Venture – Read More
M&A Snippets
Mumbai-based furniture marketplace Pepperfry has acquired Mumbai-based interior solutions company Brandmakerr for an undisclosed amount – Read More
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