[Funding Alert] Digital Marketing Startup Logicserve raises INR 80 crore from Florintree Advisors

Startup Funding

Logicserve Digital, one of India’s largest integrated digital marketing agencies, has raised INR 80 crore from Florintree Advisors, an alternative asset management firm, and is already in talks to raise a Series B round of around INR 200 crore in the next 3-4 months, worth INR 1,000 crore.

Florintree Advisors, which raised 35 % in LS Digital, funded startups like ideaForge, Satin Creditcare, Freight Tiger and FreshMenu. It is headed by Mathew Cyriac, former MD at Blackstone.

Mathew Cyriac, former MD at Blackstone, said, “We have done a multi-stage deal with a commitment to invest more money in LS Digital. We have terminated some secondary vendors and will hold 35% of the company.”

Prasad Shejale, Founder and CEO of Logicserve Digital, said, “We have big plans. We are not just an agency but a transformational platform and that is why we are also rebranding the company as LS Digital. It is a platform that will provide brands with integrated solutions across the consumer journey.”

With the fresh funding, LS Digital has acquired a majority stake in Bengaluru-based digital agency Langoor for an undisclosed amount. Founded in 2010 by Ruchir Punjabi and Venugopal Ganganna, Langoor has more than 150 employees and operations in India, the Middle East and Australia.

In September 2019, French communications network Havas Group acquired Langoor, but the two companies parted ways last month due to differences in vision and goals in a post-pandemic world.” 

Shejale said, “We are the largest independent integrated digital agency with 550 people. We are now striving to establish ourselves as a global leader in this space with capabilities in six areas – Media, UI/UX, Creative & Communication, CX (Martech), Data & Insights and Tech Innovations., to achieve this, we acquired a 60% stake in CX Langoor as part of a cash transaction. We will acquire the remaining 40% in cash and stock over the next two years.” 

To fill the gaps, the company is also in advanced talks to acquire a UI/UX agency and a digital-first agency.

Shejale further added, “With all the transactions and acquisitions, LS Digital will be a much bigger and more stable company and we are already seeing some inbound interest. So we will be raising money from third parties.”

LS Digital was launched in 2006 when digital was a welcome medium and focused mainly on a few digital channels and mainly media. In the past 16 years, digital-first brands have disrupted many industries, and traditional brands are rapidly changing to make digital technology their focus. 

For many, it’s a battle for survival and they need to transform marketing with a digital core, company want to provide the best platform for digital marketing transformation, which is made up of several expert companies coming together. A one-stop service provider to help brands in six important areas.”

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