Nettlinx raises $3 mn as part of diversification

Nettlinx Ltd, the internet infrastructure company, has raised $3 million (Rs 20 crore) from strategic investors as part of its plans to venture into industrial space by acquiring some European firms.

The Netherlands-based EXchange Investors NV and Dubai-based TransGlobal FZC have been allocated share warrants on preferential basis and will work closely with Nettlinx Ltd in its diversification, the Hyderabad-based company said in a statement.

"These two funds will provide strategic support that will enable Nettlinx to identify and acquire companies with experience in the industrial space. These funds will also help Nettlinx raise further capital and debt with lower interest rates from the European banks," it said.

"We want to give new direction to the company. We are making the right move, at the right time, with the right strategic partners, who have deep understanding of the space we are venturing into," said Nettlinx's Managing Director Rohith Lokareddy.

"Both these Funds have chosen Nettlinx because of our strong fundamentals, and will help us emerge into a strong player in this space," he added.

The company has requested both these Funds to nominate a director each on the board of the company to guide the diversification process.

--IANS

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