Exclusive: Servify To File DRHP For $500 Mn IPO By August

SUMMARY

Servify has roped in three investment bankers for its IPO and is eyeing a listing by the first quarter of 2026

The device management startup startup plans to raise $400 Mn to $500 Mn through the public issue at a valuation of $1.5 Bn

Servify is also in discussions with existing and new investors to raise $100 Mn in a pre-IPO round at a unicorn valuation

Mumbai-based device management startup Servify has begun the preparations for its initial public offering (IPO) by roping in three investment bankers.

The startup plans to raise $400 Mn to $500 Mn through the public issue at a valuation of $1.5 Bn, sources told Inc42.

About 55-60% of the public issue likely to be an offer for sale and the remaining would be a fresh issue of equity shares, the sources added. It is looking to file the draft red herring prospectus (DRHP) with markets regulator SEBI by August this year, and is eyeing a listing in 2025 or in the first quarter of 2026.

Servify is also in advanced discussions with existing as well as new investors to raise $100 Mn in a pre-IPO round before filing its draft papers. This funding round will make the nine-year-old startup an unicorn. Mint was the first to report about the startup’s plans to raise pre-IPO funding.

Servify declined to comment on its IPO plans.

Founded in 2015 by Sreevathsa Prabhakar, Servify offers device management services like device protection, product buyback, and device exchange. The startup earns a majority of its revenue from sale of services such as device protection plans and platform licences.

Servify’s revenue breached the INR 1,000 Cr mark in the ongoing financial year (FY25), the sources said, adding that it has also achieved EBITDA profitability.

In FY24, the startup’s operating revenue rose 23% to INR 754 Cr from INR 611 Cr in FY23. Net loss declined 59% year-on-year (YoY) to INR 93.81 Cr in FY24.

Servify has raised a total funding of about $130 Mn to date and counts marquee investors like BEENEXT, Blume Ventures, DMI Sparkle Fund, Iron Pillars, among others, as its backers. It last raised $65 Mn in its Series D funding round led by Singularity Growth Opportunity Fund.

Servify only operated in India in its first three years, but later expanded into international markets. It operates in three continents and has regional offices in the US, Canada, China, the Middle East, among others, besides India.

With the latest development, Servify has joined the growing list of B2B Indian startups heading for a public listing. OfBusiness, Zetwerk, Capillary Technologies are among the other such startups eyeing an IPO.