Introduction:
Servify, a leading after-sales service platform for mobile devices and electronics, has announced impressive financial results for FY24, demonstrating significant revenue growth and a substantial reduction in losses.
Key Financial Highlights:
- Revenue Growth Servify’s revenue from operations increased by 23.6% to ₹755 crore in FY24, up from ₹611 crore in FY23.
- Loss Reduction The company managed to cut its losses by 59%, from ₹229 crore in FY23 to ₹94 crore in FY24.
- Revenue Breakdown 87.8% of total operating revenue (₹663 crore) came from white-labeled protection plans sold via mobile apps and web portals. , Income from mobile handset and spare parts sales grew by 66% to ₹91 crore.
- Geographic Distribution India remains Servify’s largest revenue contributor at 56.8%, followed by the United States at 38.6%.
- Cost Management The company saw a decrease in employee benefits expenses to ₹158 crore from the previous year’s ₹183 crore.
- Investment Background Servify has raised over ₹1,000 crore in funding, including a $65 million investment from Singularity Growth in 2022.
Servify’s improved financial performance can be attributed to its scalability and continuous cost control measures. The company’s focus on after-sales services for mobile devices, gadgets, electronics, and home appliances has positioned it well in a growing market.
Conclusion:
Servify’s strong financial results in FY24 demonstrate the company’s ability to grow revenue while significantly reducing losses. As the demand for after-sales services continues to rise, Servify’s strategic positioning and improved financial health set it up for continued success in the coming years.
