Indian Servify prepares for € 235M IPO by 2026

Servify, the India-based device lifecycle management platform, plans to launch an initial public offering (IPO) worth € 235 – 280 million by 2026. The company expects to file a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) within six months, aiming for a valuation between € 1.4 billion and € 2.15 billion. Founded in 2015, Servify evolved from a consumer app to a white-label B2B platform. It now enables after-sales programs for global OEMs like Apple, Samsung, HP, and carriers such as AT&T. The platform supports protection plans including AppleCare and Samsung Care+ in selected regions.

Strong revenue and narrowing losses

In FY24, Servify reported revenue of € 84 million (Rs 759 crore), up 24% year-over-year. Net losses fell significantly to € 10.4 million (Rs 93.8 crore), down from € 25.4 million the previous year. The company expects to cross € 110 million in revenue in FY25, with continued margin improvements.

Global demand drives expansion

Today, up to 70% of Servify’s revenue originates from international markets, primarily the U.S., up from 25% two years ago. Founder and CEO Sreevathsa Prabhakar anticipates India’s contribution may drop to 20% in the coming years as the company expands further overseas.

Technology and scalability in focus

Servify’s tech stack includes over 20 patents, including video-based diagnostics for remote damage assessment. The platform now manages more than 740 million devices across 120 product categories and processes over 3 million transactions monthly.

Institutional interest growing ahead of IPO

Ahead of its listing, Servify is finalising a € 93 million pre-IPO round, targeting sovereign and mutual funds. This round is expected to be priced below IPO valuation to attract long-term institutional investors. The IPO will include both primary and secondary shares, enabling early backers to exit via offer-for-sale.

Conclusion

We are somewhat surprise and frankly, taken aback by Servify’s projected valuation, particularly in light of its current financial performance. SecondaryMarket.news consulted several industry experts, and the consensus is that the valuation appears significantly inflated and unrealistic. That said, the true market sentiment will become clearer as the IPO approaches.