Servify, a device lifecycle management platform, is preparing for a $250-300 million IPO by 2026 at a valuation of $1.5-2.3 billion. The company expects to file its draft red herring prospectus (DRHP) with market regulator Sebi within six months.
Founder and CEO Sreevathsa Prabhakar told FE that the IPO will include both primary and secondary shares, with early investor exits through offer-for-sale. “The IPO is more of an emotional decision to establish ourselves as an India-to-the-world success story,” he said, adding his goal is to build a generational company that outlasts the founders.
Servify is also close to finalising a $100 million pre-IPO round, attracting interest from mutual and sovereign funds. “There will be a discount to the IPO valuation to draw large institutional investors,” Prabhakar said.
Founded in 2015, the company pivoted from a consumer app to a B2B model, offering white-labeled after-sales solutions to original equipment manufacturers (OEMs). Its partners include Apple, Samsung, AT&T, and HP. The company enables OEM-branded programmes like AppleCare and Samsung Care+ in select markets.
Servify reported revenue of Rs 759 crore in FY24, a 24% increase from Rs 613.4 crore the previous year. Losses narrowed from Rs 229.1 crore in FY23 to Rs 93.8 crore in FY24, and further reductions are expected. The company is projecting Rs 1,000 crore in FY25 revenue.
International business now drives 65-70% of revenue, up from 25% two years ago, with the US as its largest market. “Two years from now, India will probably be 20%,” Prabhakar said.
Its tech stack includes over 20 patents, including video-based diagnostics that identify damage remotely. The platform serves over 30 million users across 120+ product categories.
Servify is now exploring new categories like lifestyle goods and expanding into Latin America and Japan. However, risks remain, including potential competition from OEMs that may internalise device management services.
The company has raised $171 million so far, with major investors including Iron Pillar, Beenext, and Blume Ventures.