Logicserve Digital Funding: Digital marketing startup Logicserve is raising Rs 80 crore in funding from Florintree Advisors.

LogiServ Digital, one of India’s largest integrated digital marketing agencies, has raised Rs 80 crore from Florintree advisorsalternative asset management firm, and is already in talks to raise a Series B round of around Rs 200 crore over the next 3-4 months at a valuation of Rs 1,000 crore, said Prasad Shejale, founder and CEO of Logicserve Digital.

“We have big plans. We are not just an agency, but a transformative platform, which is why we are also rebranding the company to LS Digital. This is a platform that will provide brands with integrated solutions in the consumer journey,” Shejail added.

Florintree Advisors, which received a 35% stake in LS Digital for its investment, has funded startups such as ideaForge,

, Freight Tiger and FreshMenu. It is led by Matthew Cyriak, a former MD at Black stone.

“We have entered into a multi-stage deal with a commitment to invest more money in LS Digital. We have given exit to some secondary sellers and we will own 35% of the company,” Cyriaq said.

With the new funding, LS Digital has acquired a majority stake in Bangalore-headquartered digital agency Langoor for an undisclosed amount.

Founded in 2010 by Ruchir Punjabi and Venugopal Ganganna, Langoor has over 150 employees and a presence in India, the Middle East and Australia.

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

“We are the largest independent integrated digital agency with 550 employees. We are now aiming to be a global leader in this field with capabilities in six areas: Media, User Experience/UX, Creative & Communications, CX (Martech), Data & Ideas, and Tech Innovation,” said Shejale. “So, to do this, we bought 60% of CX Langoor for cash. We will purchase the remaining 40% in cash and shares over the next two years.”

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

“With all the deals and acquisitions, LS Digital will be a much larger and more stable company and we are already seeing some incoming interest. In this way, we will raise money from third parties,” Shejale said.

LS Digital was launched in 2006 when digital advertising was a very popular medium and was mainly focused on a few digital channels and mostly media. Over the past 16 years, early digital brands have revolutionized many industries, and traditional brands are rapidly changing to focus on digital.

“For many, this is a battle for survival and they need to transform marketing with a digital core,” Shejale said. “And we want to deliver a best-in-class digital marketing transformation platform built by several expert companies coming together. A one-stop service provider that will help brands in six important areas.”

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