Mumbai-based digital marketing agency Logicserve Digital said it has raised Rs 80 crore (approx. $10 million) in funding led by Florintree Advisors, an alternative asset management platform.
According to Prasad Shejale, Founder & CEO of Logicserve Digital, The digital media firm is in talks to raise around Rs 200 crore in a Series B round in the next 3-4 months at a valuation of Rs 1,000 crore.
With this, the digital marketing firm has also rebranded its name to LS Digital. “We will call this platform “LS Digital”. It retains the legacy of our brand with 2 letters (L and S) and at the same time provides digital as a core proposition to our customers through merged entities across six areas: Media, Creative & Communication, CX, Data & Insights, Tools – Adtech & Martech and Tech Innovations,” said Prasad Shejale, LS Digital Founder & CEO.
Following the investment, Florintree Advisors now holds a 35% stake in the company. The firm also has notable investments in startups such as Ideaforge, Freshmenu, Freight Tiger, Plaeto, Nutrifresh, etc.
Speaking on the investment, Mathew Cyriac, Chairman of Florintree Advisors, said, “LS Digital and Florintree shared the desire to build a leading global company out of India. This is a very exciting space, so our focus is to invest in existing capabilities and even acquiring niche companies. It is a multi-stage deal with the commitment to infuse more funds as we move forward.”
LS Digital has also acquired a majority stake in Bengaluru-headquartered digital agency Langoor to strengthen its service offerings for CX, digital design, and Web 3.0.
“Digital marketing is in a constant state of change and innovation. Langoor’s DNA is about working out-of-the-box to deliver positive business outcomes. We are delighted to join LS Digital and look forward to scale new heights.” said Venugopal Ganganna, Co-founder and CEO, Langoor and Girisha Gowda, Co-founder and COO, Langoor.
“LS Digital and Langoor share a very similar corporate vision to become an Indian global company. Coming together will enable us to achieve success on a much larger scale. Our core focus is on Digital Business growth for brands, through Media, Creative, Data & Insights, and Technology while Langoor will focus majorly on the customer experience enabling growth for our clients. Together, we will create transformative experiences for customers,” Prasad said.
Recently, the LS Digital announced that it clocked 55% CAGR over the last 6 years and witnessed accelerated growth across verticals, Creative (70%+), Data & Insights and Technology (90%+) in CY 2021 compared to CY 2020.
Source @Indianstartupnews
