Good morning, it's Thursday and I had a pretty great day. Got some personal news for y'all- I will be doing an AMA with The Morning Context's Ashish K. Mishra for their 1 year anniversary (it's only for The Morning Context subscribers so y'all should subscribe-bit.ly/3eUIr00 but I'll see if I can do a recap + summary for y'all). On to the day's news, Apple has launched their online store in India & Servify raises a Series C.
➡️ For decades, Apple has been selling products through retailers in India and finally for the first time it has begun operations in india with their online store- with India being Apple's 38th market in which they have launched its online store.
➡️ It also makes sense for Apple to launch the store right now as commerce is seeing somewhat of a resurgence in the country, but most importantly Apple usually unveils its yearly iPhone upgrades in October and with Diwali coming up in November- it'll give them a couple weeks to work the kinks out.
➡️ Apple has also been increasingly giving more importance to the Indian market & now manufactures some models in the country as well (and with the US - Chinese geopolitical conflicts, it is probably poised to increase).
➡️ Apple devices in India that aren't manufactured in the country is still significantly more expensive in India because of the custom duties with the high price points, Apple is still only affordable by the top 1% of the country.
➡️ But given the fact that these consumers are more likely to buy a new phone every couple of years along with other Apple products (Macs, Airpods) & services (Apple Music), they will end up having a sizable market in India.
2. https://bit.ly/3jaJBWI: Servify raises a $23M Series C
➡️ Device management & after-sale services company Servify has raises a new round of funding in their $23M Series C. The round was led by Iron Pillar and includes a handful of old & new investors.
➡️ The company was started in 2015 and raised a couple of early rounds of funding before a $15M Series B by Iron Pillar in 2018, and has also previously acquired iService (a competitor) last year.
➡️ It's definitely not a very "hot" business and I personally hadn't heard of this company prior to today- but it actually sounds quite interesting. The company partners up with brands & retailers for after-sales support for electronics sold- users can use their app to manage their devices & access authorized services.
➡️ The platform works with over 50 brands, retailers & distributors including Amazon, Reliance Jio & Retail, Xiaomi among others and actually also has made some headways in international markets. With Reliance's upcoming smartphone launch- I wonder how much that might help Servify (if at all) but I will certainly be keeping my eye out for that.
Feedback & ❤️ always appreciated BONUS (Tweet of the day): https://twitter.com/tejeshwi_sharma/status/1308989216454574080
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