Blume Ventures Backs Servify; Makes Investment From the Newly Formed Venture Fund II

By Team Servify on Tuesday, April 5th, 2016

Customers owning consumer electronics and appliances can heave a sigh of relief, when they need an installation or even when a product stops working. Servify, India's first tech startup that offers services through an app for electronics and appliances via brand authorized service ecosystem, has got funding from Blume Ventures, Germany's Barkawi Holdings GmbH and TM Service Technology Holdings GmbH. The investors did not disclose the amount of funding.

Sreevathsa Prabhakar, founder of Servify said, “Customer service certainly needed next level of innovation in the area of convenience and trust. With Servify, we are bringing the customer closer to the brands.” He further added, “We are aiming to work as customer's personal assistant when they need any support for their electronic gadgets and appliances as our app enables users to add all their household devices, upload bills and invoices, access brand authorized service with few clicks and help them track the status of the service request till its closure. Moreover, we have built a complete technology ecosystem consisting of an app for the field executives of the brand, an app for the retailers and a powerful CRM for the brands, thus looking at solving the customer service problems holistically.”

Servify is launching services in a phased manner to deliver well on its promises, though it already has over 600 partners signing up on its platform and close to 100k customers within the month of launch. Servify is the first startup that allows customers to come on board beyond the 'app only' route.

Karthik Reddy, Managing Partner at Blume, is an early believer in the business and its leadership team. He adds, “This is one of our stellar portfolio picks for 2016. We've seen more than a handful of companies, all thinking about how to solve this for the customer. Servify's understanding of the problem statement, as well as customer service is much deeper than most startups out there. Sreevathsa has already handled this complex business once before and done it extremely well.”

The customer service market for electronic gadgets and appliances is slated to be upwards of $3.5 billion a year, a recent survey by the company reveals. “The understanding of the customer service issues on ground, and the huge ecosystem support the team has, makes it a perfect investment target. Moreover, Sreevathsa is a trusted partner from our another successful portfolio startups, B2X”, said Karim Barkawi, Founder of Barkawi Holdings Germany, who owns majority in over nine companies under the holding company he founded.

The consumer version of the app is currently available both on Android and iOS stores, with a country-wide support for Apple devices. The company expects to make service available for more brands in the next few months.

About Servify:
Servify is a Mumbai-based tech startup. Founded in late 2015, Servify has launched a mobile app that aims to work as a personal assistant for electronic gadgets and appliances where consumers can add their household electronic products and appliances, store the bills, and can access authentic brand authorized service during in-warranty and as well as out of warranty scenarios. Servify is creating a first-of-its-kind tech platform which will enable the entire after sales ecosystem (brands, retailers and service centers) for a proactive customer experience. For more details, download the app from http://servify.in/app

About Blume:
Blume Ventures is a Mumbai based venture capital firm. Founded by ex-Mumbai Angels investors Karthik Reddy and Sanjay Nath in 2011, the firm likes to work with entrepreneurs who are obsessed about solving a particular problem. Blume's philosophy is that money alone is, and will continue to be, undifferentiated. The investment team and the ecosystem provided by Blume are the raison d'être for the entrepreneur, and his/her eventual choice of partnering with Blume.