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Digital marketing startup Logicserve Digital on Saturday said that it has raised funding from alternate asset management firm Florintree Advisors. However, it didn’t disclose the funding amount.

According to a report by The Economic Times, the startup raised INR 80 Cr and divested 35% of its stake to Florintree.

Logicserve also announced that it would be rebranded as LS Digital. 

LS Digital will use the funding to strengthen existing media capabilities and formulate an inorganic growth strategy to expand to other territories.

“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,” Florintree Chairman Mathew Cyriac said.

According to The Economic Times, the startup is also in talks to raise a Series B funding round of about INR 200 Cr in the coming three to fours months at a valuation of INR 1,000 Cr.

In a statement, LS Digital also said that it has picked up a majority stake in digital marketing company Langoor for an undisclosed amount. The startup will leverage Langoor to improve its customer experience and strengthen its presence in the arena of digital design, Metaverse and Web3.0.

“Coming together will enable us to achieve success on a much larger scale. Our core focus is on digital business growth for brands, through media, creative, data and insights, and technology, while Langoor will focus majorly on the customer experience enabling growth for our clients….,” LS Digital CEO Prasad Shejale said.

LS Digital, launched in 2016, is a martech company that offers a comprehensive suite of digital marketing services including mobile, advertising, video advertising, search engine optimisation (SEO), search engine monetisation (SEM), among others. The startup also works with clients to identify gaps and implement proper fit technology stack for its customers. 

The startup had last raised $500K in funding round from a group of angel investors way back in 2015. The startup currently offers its services in India and the Middle East Asia regions.

The startup competes with the likes of WatConsult, iProspecyt, Webchutney, Gozoop, among others.

According to Statista, the Indian digital advertising industry was pegged at more than INR 200 Bn in 2021. The number is estimated to further soar to nearly INR 360 Bn by 2023.

Of late, different segments of the space have seen a slew of funding announcements. In May this year, B2B marketing automation platform Inflection.io announced that it raised a $5 Mn seed funding led by MHS Capital. 

In March, martech startup Xeno raised $1.6 Mn in a seed funding round which saw participation from Vinyl Capital, Vibe Capital, Java Capital and others. In May, CleverTap announced that it will acquire San Francisco-based multi-channel customer engagement platform Leanplum for an undisclosed amount.