Funding Alert: Logicserve Raises Rs 80 Cr In Series B Round Funding From Florintree Advisors.

According to Prasad Shejale, founder and CEO of Logicserve Digital, one of India's largest integrated digital marketing agencies, the company has raised Rs 80 crore from alternative asset management company Florintree Advisors and is already in discussions to raise a series B round of roughly Rs 200 crore in the next three to four months at a valuation of Rs 1,000 crore.

We have a lot of plans. We are renaming the business LS Digital since we are more than simply an agency we are also a revolutionary platform. It's a platform that will offer businesses integrated answers at every step of the consumer's journey, Shejale continued.

Startups like ideaForge, Satin Creditcare NSE 0.56 per cent, Freight Tiger, and FreshMenu have been funded by Florintree Advisors, which received 35 per cent of LS Digital in return for its investment. Mathew Cyriac, a former MD at Blackstone, is in charge of it.

"Since this is a really exciting market, our priority is to invest in current skills and perhaps acquire specialised businesses. Mathew Cyriac, chairman of Florintree, described the agreement as having multiple stages and a commitment to injecting additional capital as it develops. "We agreed to a multi-stage arrangement to increase our investment in LS Digital. Some of the secondary dealers have been granted exits, and we will retain 35% of the company, Cyriac stated.

With the new funds, LS Digital has acquired an undisclosed sum for the majority of shares of Bengaluru-based digital agency Langoor. Logicserve Ruchir Punjabi and Venugopal Ganganna founded Langoor in 2010, and it now employs over 150 people across India, the Middle East, and Australia. A difference in vision and objectives in a post-pandemic world led to the two businesses' separation last month after Havas Group, a French communications network, acquired Langoor in September 2019.

According to Shejale, With 550 employees, we are the largest independent, integrated digital agency. With skills in six areas media, UI/UX, creative & communication, CX (martech), data & insights, and tech innovations we are now aiming to become the global leader in this field. In order to achieve that, we have made an all-cash acquisition of a 60 per cent share in CX firm Langoor. Over the next two years, we will purchase the remaining 40% in cash and stock. The business is also in advanced talks to purchase a UI/UX agency and a digital-first firm to fill the gaps. "LS Digital will be a lot larger and more stable firm after all the mergers and acquisitions, and we have already noticed some incoming interest. Therefore, we'll raise from third parties.