Digital marketing startup Logicserve Digital (LS Digital) has raised funding of Rs 80 crore. The company has purchased a majority stake in digital agency Langoor with the fresh finance.
One of India’s major integrated digital marketing agencies, Logicserve Digital (LS Digital), has secured Rs 80 crore in funding from Florintree Advisors, an alternative asset management firm. LS Digital is currently in talks to raise Rs 200 crore in its Series B funding round in the next 3-4 months at a valuation of Rs 1,000 crore.
Prasad Shejale, founder and CEO, Logicserve Digital, said, “We have major plans. We are more than simply an agency; we are a revolutionary platform, which is why we are renaming the firm LS Digital.
It’s a platform that will provide brands integrated solutions across the consumer experience.”
LS Digital has purchased a majority share in Bengaluru-based digital agency Langoor for an undisclosed sum with the new finance.
Langoor, founded in 2010 by Ruchir Punjabi and Venugopal Ganganna, employs over 150 people and has offices in India, the Middle East, and Australia.
The French communications network Havas Group purchased Langoor in September 2019, but the two firms split up last month owing to a divergence in vision and aims in a post-pandemic environment.
Shejale stated: “With 550 employees, we are the largest independent integrated digital agency. We now intend to establish ourselves as the worldwide leader in this domain, with skills in six areas: media, UI/UX, creative and communication, CX (Martech), data and insights, and tech innovation. To that end, we have bought a 60% stake in the CX firm Langoor in an all-cash transaction. The remaining 40% will be acquired in cash and equity over the following two years “years.”
Florintree Advisors acquired a 35% stake in LS Digital for its investment. The company had earlier invested in firms such as ideaForge, Satin Creditcare, Freight Tiger, and FreshMenu. Florintree Advisor is led by Mathew Cyriac, an ex-MD at Blackstone.
Cyriac said, “”We finalized a multi-stage deal in which we agreed to invest more funds in LS Digital. We have permitted some of the secondary sellers exit and will own a 35% stake in the company.”