Mumbai-based venture capital firm Iron Pillar has led a $15 million Series B investment in the after-sales and management assistant startup, Servify. Existing investors Blume Ventures and Beenext also participated in the round.
Iron Pillar,is focused on mid-stage technology investments in India and Servify provides personalized after-sales service and management for smartphones. Servify plans to use the funds to strengthen its senior management and build new technology solutions for its clients, The Mint reported.
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Founded by Anand Prasanna, a former director of Morgan Creek, Sameer Nath, a former Citigroup India investment banking head, and Mohanjit Jolly, a former DFJ India head, this is Iron Pillar’s fourth investment from its maiden fund. It has already invested in NowFloats, BlueStone and Snapdeal.
Started in 2015, Mumbai-based Servify, run by Service Lee Technologies, provides protection against accidental damage as well as solutions for recycling and buyback for smartphones.
Founded in by Sreevathsa Prabhakaras a personal device management platform for gadgets, consumer electronics and home appliances. It also helps the users to access authentic brand authorised service during in-warranty as well as out of warranty scenarios.
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It also has a mobile app that works as a personal assistant for consumers who can list their electronic gadgets and household on it, store the bills, and access authentic brand authorised service.
The company has recently launched operations in the US and is setting up operations in Europe to cater to existing clients who want the same high level of post-purchase experience for their international customer base that Servify provides them in India.
This is its third funding round, after earlier rounds in April and November 2016. The amounts for both rounds were undisclosed.
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