Logicserve Digital Funding: Digital marketing startup Logicserve raises Rs 80 crore in funding from Florintree Advisors
“We have big plans. We are not just an agency, but a transformation platform, which is why we are also renaming the company as LS Digital. It is a platform that will provide brands with integrated solutions across the consumer journey,” added Shejale.
Florintree Advisors, which took 35% in LS Digital for its investment, has funded startups such as ideaForge,
, Freight Tiger and Fresh Menu. It is led by Mathew Cyriac, former MD of Blackstone.
“We have reached a multi-step agreement with a commitment to invest more money in LS Digital. We have given the exit to some of the secondary sellers and we will own 35% of the company,” Cyriac said.
With the new funding, LS Digital has acquired a majority stake in Bengaluru-headquartered digital agency Langoor for an undisclosed amount.
Founded in 2010 by Ruchir Punjabi and Venugopal Ganganna, Langoor has over 150 employees and is present 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 a difference in vision and goals in a post-pandemic world.
“We are the largest independent integrated digital agency with 550 people. We are now looking to establish ourselves as the global leader in this space with capabilities in six areas – Media, UI/UX, Creative & Communication, CX (Martech), Data & Insights and Technology Innovations,” Shejale said. “So to do that, we acquired a 60% stake in CX Langoor in an all-cash deal. We will acquire the remaining 40% in cash and stock over the next two years.”
To fill the gaps, the company is also in advanced negotiations to acquire a UI/UX agency and a first digital agency.
“With all of the transactions and acquisitions, LS Digital will be a much larger and more stable company, and we are already seeing some inbound interest, so we will be raising funds from third parties,” Shejale said.
LS Digital was launched in 2006 when digital was a nice medium to have and mostly focused on a few digital channels and mostly media. Over the past 16 years, digital first brands have disrupted many industries and traditional brands are rapidly evolving to make digital their focus.
“It’s a battle of survival for many, and they need to transform marketing with digital at their core,” Shejale said. “And we want to provide a world-class digital marketing transformation platform formed by bringing together several expert companies. A single service provider to help brands in the six important areas.”