KuberGrow Team Mumbai-based device management startup Servify is gearing up for an initial public offering (IPO), with plans to file its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) by August 2025. The company is targeting a public listing in late 2025 or early 2026, aiming to raise between $400 million and $500 million at a $1.5 billion valuation. The IPO will include 55–60% offer-for-sale (OFS), allowing early investors to exit, while the rest will be a fresh issue of equity shares.
Before filing for its IPO, Servify is in discussions with both existing and new investors to secure $100 million in a pre-IPO funding round. This round is expected to elevate the nine-year-old company to unicorn status. The funding will be largely primary, with some secondary sales where early investors may partially exit, along with Employee Stock Ownership Plan (ESOP) buybacks. Servify was last valued at $850 million after raising $65 million in 2022.
Founded in 2015 by Sreevathsa Prabhakar, Servify specializes in device management services, including device protection, trade-ins, and buyback programs. Initially operating in India, the company later expanded to the US, Canada, China, and the Middle East. A significant portion of its revenue comes from device protection plans and platform licensing fees.
The company has witnessed strong financial growth, surpassing Rs 1,000 crore in revenue in FY25 while achieving EBITDA profitability. In FY24, its operating revenue grew by 23%, reaching Rs 754 crore, compared to Rs 611 crore in FY23. It also reduced its net loss by 59% year-on-year, bringing it down to Rs 93.81 crore in FY24. Servify has raised approximately $130 million to date, backed by investors like BEENEXT, Blume Ventures, DMI Sparkle Fund, and Iron Pillar.
For its IPO, Servify has mandated Kotak Investment Bank to handle the fundraising process. The fresh capital will support global expansion and strengthen its device protection and trade-in services for brands like Apple, Samsung, and Xiaomi. Servify joins other Indian B2B startups, including OfBusiness and Zetwerk, in preparing for a public debut.
