Key Points:
- Logicserve, one of India’s biggest digital marketing firms, raises ₹80 crores in funding from Florintree advisors.
- The agency plans to raise a total of ₹200 crores in the next four months to carry out “big plans.”
- After the raise, Logicserve rebranded itself as LS Digital.
- The agency also acquired a majority stake in Langoor, another digital agency startup.
Logicserve, one of the biggest names in India’s digital marketing industry, raised a whooping ₹80 crores of funding from alternative assets management firm Florintree Advisors on Sunday, 31 July 2022. The company is already discussing new plans to raise more investments, with an aim to reach the ₹200 crores requirements for upcoming projects.
Founder and CEO Prasad Shejale said, “We have rebranded ourselves as LS Digital because we are more than just a digital marketing agency. We are a platform that provides lots of integrated marketing solutions to clients for supporting their consumers’ digital experience.”
This 35% stakeholder investment came from Florintree Advisors, an asset management firm known for investing in many startups. Headed by the former MD of Blackstone, Mathew Cyriac, the company previously made news after funding other famous startups like IdeaForge, FreightTiger, Satin Creditcare, and FreshMenu.
With this new financial investment, LS Digital went on to immediately acquire majority shares in Bengaluru-based digital marketing firm Langoor. However, the amount spent has not been disclosed so far.
CEO Shejale also added that “Our mission has always been to provide our clients with the best digital marketing campaigns and strategies. Other than enhancing the service we provide, we also want to expand our services and open new branches in other states of India as well.”
LS Digital now plans to raise around ₹200 crores on funding next Series B rounds at a valuation of ₹1000 crores.
Read Also:
