Segovia replaces fellow countryman Braulio Nobrega, who has been ruled out for the season due to a knee injury.
Born in Madrid, Segovia first began playing football at the youth setup of Rayo Vallecano where he made his professional debut in the Segunda Division in 2004-05.
He then plied his trade in a string of Spanish clubs, before moving to Austria to sign for St. Plten.
The striker scored 29 goals in 48 league appearances for St Plten. He then joined FC Admira for the remainder of the season, followed by Wolfsberger.
Having completed formalities on a short-term deal till the end of the season, Segovia said hearing good things about Bengaluru persuaded him to make the move.
"The presence of other Spanish players helped me settle in, when I was at Zaragoza in the reserve team, Edu Garcia was with the youth setup and it was very nice to catch up with him," Segovia said.
"We have a very good group of players with some top Indian professionals, so it is a good feeling," he added.
"I wish him the best and hope that he will help us achieve our objectives this season," he said.
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