“The US will contribute about 45% in global revenue this year, India 38%, and the rest will be split between Europe and the Middle East,” Sreevathsa Prabhakar, founder and chief executive of Servify, stated in an interview. The company is likely to file its draft IPO papers with the Securities and Exmodify Board of India the first quarter of 2026.
Last year Servify won a contract to provide its services to enterprise applyrs for one of the US’s largest telecom providers. While the contract was signed in 2024, implementation only launched in May 2025. The top three telcos in the US, T-Mobile, AT&T and Verizon, account for 85% of the market. Prabhakar stated they’re on their way to sign another one of the large telcos on as a customer soon.
In the next two years, Servify expects its revenue mix to be heavily weighted towards the US at 65%, with India at 20%-25%, the Middle East at 12%-15%, and Europe creating up the rest.
Different strokes
Servify’s approach in the US differs significantly from how handles the Indian market, which is far more distribution-centric. In India, most phones and tablets aren’t sold by original equipment manufacturers (OEMs). Companies such as Apple, Samsung and Google tap distribution partners such as Croma to sell their products. As a result, while these OEMs might have a presence in India, none has an outsized market share.
In more developed nations, particularly the US or those in Europe, telcos are the main drivers of phone sales. Companies such as Orange in Europe or AT&T in the US tie phone plans to their telecom services, effectively locking applyrs into their ecosystem. “We have a lot of partners in the US such as BestBuy and Amazon, as well as a few tinyer ones. But that’s not going to relocate the requiredle. Value creation is in the telcos,” stated Prabhakar.
The US shift is part of Servify’s broader strategy to tarreceive developed nations, secure contracts with telecom companies, and then relocate to the distribution side – the reverse of the script it follows in India. In developed markets the startup positions itself as a platform rather than a third-party service. Prabhakar stated that it aims provide “original OEM service, global coverage and all the benefits that come with an OEM’s backing”.
Middle East and Europe
In the Middle East the company so far has tied up with two telcos, Saudi Telecom in Saudi Arabia and Etisalat in the United Arab Emirates. Servify is seeing to cater to nations that belong to the Gulf Cooperation Council – Bahrain, Kuwait, Oman, Qatar, and the two mentioned above.
“Volumes in this region are tiny but they’re high average-selling-price markets. Here, again, both large-format retail and telcos are driving the market. In Saudi, telcos are driving more business than in the UAE,” Prabhakar stated.
The company was slow to ramp up business in the GCC last year becaapply of confusion over whether its services would be classified as insurance or a service contract. Having cleared these regulatory hurdles earlier this year, Prabhakar stated the Middle East would be the company’s third-largest market after the US and India in the next two years.
While Servify has a presence in Europe, business there has been slow on account of bureaucracy. Nonetheless, there’s no intention to retreat from there, Prabhakar stated. “We may choose to operate in only a few countries that are really meaningful to us.”
Funding delayed
Mint was the first to report in January that Servify was seeing to raise a $100 million round at a unicorn valuation ($1 billion or more).
“We haven’t been able to close that round, or even start to be honest. It’s primarily becaapply one of our Series D investors’ documentation has been on-going for the past seven months,” Prabhakar stated.
However, the startup expects to close the round in the next month, and wants to include some secondary components in the transaction. It’s likely to be a 60:40 or 70:30 mix of primary and secondary capital, Prabhakar stated. “We want to clean up our cap table as well. We have almost 400 employees with stock options. Before we go public we want to have as clean a cap table as possible.”
Marquee investors in Servify include Blume Ventures, Iron Pillar, BEENEXT, AmTrust Financial and Madhusudhan Kela’s Simgularity AMC.
IPO preparations
As it gears up to tap public markets next year, the company has appointed two indepconcludeent directors to its board, though it declined to name them.
The company is currently receiveting its FY25 numbers audited. It closed FY24 with ₹759 crore of revenue, up from ₹611 crore in the previous fiscal year, according to Tracxn data. Losses narrowed significantly to ₹94 crore from ₹229 crore in FY23. “We want to to be profitable when we go public,” Prabhakar stated, adding “We should be comfortably there by the conclude of the year.”
Servify is expected to tarreceive $250-$300 million from its IPO at a likely valuation of $1.5-2.3 billion, Financial Express reported.
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