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14 Jun, 2025
Servify, a Mumbai-based device lifecycle management platform is preparing to launch its initial public offering (IPO) by 2026 with a targeted valuation between $1.5 billion and $2.3 billion. The company expects to raise $250–300 million through the IPO and plans to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) within the next six months.
The IPO will comprise both a fresh issue as well as an offer for sale giving early investors to exit. Founder and CEO Sreevathsa Prabhakar described the public issue as “an emotional decision to establish ourselves as an India-to-the-world success story,” emphasizing the goal of building a generational company.
Ahead of the IPO, Servify is close to finalizing a $100 million pre-IPO funding round which has attracted interest from mutual and sovereign funds. This round is expected to be offered at a discount to the IPO valuation to draw large institutional investors.
Founded in 2015, Servify initially operated as a consumer app before moving to a B2B model. The company now provides white-labeled after-sales solutions for original equipment manufacturers (OEMs), including global giants like Apple, Samsung, AT&T, and HP. Servify enables OEM-branded programs such as AppleCare and Samsung Care+ in select markets and its platform serves over 30 million users across more than 120 product categories.
International business now accounts for 65–70% of Servify’s revenue which is almost up by 25% from two years ago with the United States emerging as its largest market. The company is also expanding into Latin America and Japan, and exploring new categories such as lifestyle goods.
Servify reported revenue of ₹759 crore in FY24, marking a 24% increase from ₹613.4 crore the previous year. The company’s net loss narrowed significantly, from ₹229.1 crore in FY23 to ₹93.8 crore in FY24, with further reductions anticipated. For FY25, Servify projects revenue to reach ₹1,000 crore.
The company’s technology stack includes over 20 patents, including innovations like video-based diagnostics for remote damage identification. Servify has raised $171 million to date, with major investors including Iron Pillar, Beenext, and Blume Ventures.
Servify’s pivot to a global B2B model and its partnerships with leading OEMs have positioned it as a key player in the device management industry. However, risks remain, notably the potential for OEMs to internalize device management services, which could impact Servify’s business model.
With its DRHP filing expected by August 2025, Servify is set to join the ranks of Indian tech companies making their mark on global capital markets. The anticipated IPO, coupled with strong revenue growth and expanding international operations, underscores Servify’s ambitions to become a leading “India-to-the-world” technology success story.
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