Smartphone Co HTech plans to raise $100 million to diversify operations

"We've already ploughed in $10 million into the business and are now looking to raise another $100 million, of which $20 million will be raised in the next six months," Madhav Sheth, chief executive officer of HTech, told ET. The smartphone player will be looking to dilute equity in the company - in which Sheth is now a majority shareholder - to raise the funds. "When you are doing something for the first time, having an equity partner will ensure the scale of growth is much faster," the executive said.