Servify, a Mumbai-headquartered startup that operates a device lifecycle management platform and works deeply with brands including Apple and Samsung in a number of geographies, has raised $23 million in a new financing round.

The Series C financing round for the five-year-old startup was led by existing investor Iron Pillar, and other existing investors including Blume Ventures, Beenext, and Tetrao SPF participated in the round. The new round pushes Servify’s to-date raise to $48 million.

Servify works with enterprises such as Apple, Samsung, OnePlus, Xiaomi, Nokia, Motorola, and Airtel and handles device protection, exchange, and trade-in programs for its partners, explained Sreevathsa Prabhakar, founder and chief executive of the startup, in an interview with TechCrunch.

The startup, which offers its services through a whitelabel arrangement, works with over 50 brands and has reach in over 50 markets.

The new round, which was oversubscribed, will help the startup expand its expertise in many new product categories and deepen its reach in international markets, said Prabhakar.

“We are keenly interested in unique businesses addressing hard problems in very large and global markets and are excited to continue to back the company in its next phase of growth. Stellar execution by Servify’s team combined with its differentiated technology platform have led to the company’s impressive growth this year despite Covid-19 related challenges,” said Anand Prasanna, Managing Partner at Iron Pillar, in a statement.

More to follow…