Digital marketing startup Logicserve Digital has raised Rs 80 crore in funding from Florintree Advisors, an alternative asset management firm.
The company plans to use the funds to build an inorganic growth strategy to strengthen existing media capabilities and expand into other areas.
It also announced that it would be rebranded as LS Digital.
The company is also in talks to raise a Series B funding round of around Rs 200 crore at a valuation of Rs 1,000 crore in the coming three to four months.
The Mumbai-based Logicserve Digital was founded in 2006 by Prasad Shejale, It offers a comprehensive suite of digital marketing services including mobile advertising, video advertising, search engine optimization (SEO), search engine monetization (SEM).
It also works with customers to identify deficiencies and implement the appropriately fit technology stack for its customers.
It currently provides its services in India and Middle East Asia regions.
“We are the largest independent integrated digital agency with 550 people. Now we are looking at establishing ourselves as the global leader in this space with capabilities across six areas – Media, UI/UX, Creative & Communication, CX (Martech), Data & Insights and Tech Innovations”, said, Prasad Shejale, founder and CEO, Logicserve Digital.
“We are the largest independent integrated digital agency with 550 people. Now we are looking at establishing ourselves as the global leader in this space with capabilities across six areas – Media, UI/UX, Creative & Communication, CX (Martech), Data & Insights and Tech Innovations,” said Shejale. “So, to do that, we have acquired a 60% stake in CX company Langoor in an all-cash deal. The remaining 40% we will acquire in cash and stock over the next two years.”
Through the fresh funding, the company said in a statement that it has acquired a majority stake in Bengaluru-based digital agency Langoor for an undisclosed amount.
“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”, said, Mathew Cyriac, Chairman of Florintree.
Logicserve is a new-age digital marketing company that offers the most comprehensive suite of digital marketing services.
Their decade-plus experience of working on various platforms like search, social and mobile has enabled us to deliver high-quality brand and performance marketing campaigns. Their award-winning creative team proactively enables your brand to surpass its goals around brand equity, customer-centricity and topline revenue.
They also work along with user as ‘Digital Consultants’ to identify gaps, strategize & implement the right-fit technology stack for their organization just in time for maximum results.