Alternative asset management firm Florintree has acquired a 35% stake in Logicserve Digital. LS Digital is also in talks to raise a Series B funding round of about INR 200 Cr in the next three to four months at a valuation of INR 1,000 Cr Report. Logicserve Digital will use the funds to strengthen existing media capabilities and formulate an inorganic growth strategy to expand into other territories.
Read Also : CarTrade In The Black, Reports INR 3.31 Cr Earnings In Q1
Digital marketing startup Logicserve Digital said on Saturday that it has raised funds from alternative asset management firm Florintree Advisors. However, he did not disclose the amount of the financing. According to a report by The Economic Times, the startup raised INR 80 Cr and sold 35% of its stake to Florintree.
Logicserve Bags INR 80 Cr Funding
Logicserve also announced that it would change its name to LS Digital.
LS Digital will use the funds to strengthen existing media capabilities and formulate an inorganic growth strategy to expand into other territories.
This is a very exciting space, so our approach is to invest in existing capabilities and even acquire niche companies. It is a multi stage agreement with a commitment to infuse more funding as we go forward, said Florintree Chairman Mathew Cyriac.
According to The Economic Times, the startup is also in talks to raise a Series B funding round of around INR 200 Cr in the next three to four months at a valuation of INR 1000 Cr.
The startup competes with companies like WatConsult, iProspecyt, Webchutney, Gozoop, among others.
According to Statista, India’s digital advertising industry has been pegged at over INR 200 Bn in 2021. The number is estimated to rise further to nearly INR 360 Bn by 2023.
Lately, different segments of the space have seen a lot of funding announcements. In May of this year, B2B marketing automation platform Inflection.io announced that it had raised $5 million in seed funding led by MHS Capital.
In March, martech startup Xeno raised $1.6 million in a seed funding round involving Vinyl Capital, Vibe Capital, Java Capital and others. In May, CleverTap announced that it would acquire Leanplum, the San Francisco-based multi-channel customer engagement platform, for an undisclosed amount.