Servify, which services equipment, such as phones and laptops, from purchase to sale has raised $65 million from investors led by Singularity Growth Opportunity Fund as it prepares for an initial public offering, according to the Mumbai-based company’s founder.
(Bloomberg) — Servify, which services equipment, such as phones and laptops, from purchase to sale has raised $65 million from investors led by Singularity Growth Opportunity Fund as it prepares for an initial public offering, according to the Mumbai-based company’s founder.
“The company will turn profitable on an operational level by November, and we are already in talks with advisers for an initial public offering after 18 months,” Sreevathsa P, founder of the company formally known as Service Lee Technologies Ltd., said by phone.
“This was like a pre-IPO round, and we will seek a valuation of about $2.5 billion in the listing.”
Other investors in the current round that valued the company at less than a billion dollars included Iron Pillar Capital Management Ltd., Blume Ventures, and AmTrust.
The seven-year-old product-life cycle management platform offers services in regions including North America, the European Union, and the Middle East.
The founder said the company would use the funds to enter new geographies, including Latin America, add new products, and make acquisitions.
The company has partnered with over 75 brands, including Apple Inc., Samsung Electronics Ltd., OnePlus, and Xiaomi Corp., to offer life cycle management.
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