Mumbai-based venture capital firm Iron Pillar has led a ₹106 crores series B funding in Servify, a personal device assistance provider startup. Other existing investors that participated in the round include Blume Ventures and Beenext.
The funds raised will be used to add depth to senior management, along with developing new technology solutions for their clients.
Servify was founded by Pravin Jadhav and Sreevathsa Prabhakar in 2015, with its headquarter in Mumbai. It provides protection against accidental damage to smartphones, along with providing extended warranty from the manufacturer.
It also offers an app that enables consumers to store their bills and warranty on the cloud, also connecting the consumers with brand authorized service centres.
The startup has already operational in the US and it also setting up operations in Europe to cater to its clients. It is working with a number of brands, retailers, carriers, distributors, and service provider to provide a seamless experience to its clients.
Servify last raised an undisclosed amount of funds in a round led by Blume Ventures, along with participation from Beenext in November 2016.
“Servify’s approach of working directly with the entire ecosystem and using an array of software solutions to organize the otherwise highly unorganized post-purchase ecosystem is truly unique in the world,” said Anand Prasanna, managing partner at Iron Pillar.
Iron Pillar is an India-focused venture growth investor specialising in mid-stage technology companies. It was founded by Anand Prasanna, a former director of Morgan Creek, along with Sameer Nath, a former Citigroup India investment banking head, and Mohanjit Jolly, a former DFJ India head.
It primarily invests in consumer and enterprise tech sectors focusing on series B, C, and D rounds. It also has a presence in Mauritius, Palo Alto and Shanghai.
Its earlier invests from Iron Pillar India Fund 1, include Hyderabad-based NowFloats and an Indian online jewellery brand BlueStone.