The US-based global business exchange that plans to link the entire textile industry - right from cotton to apparels - has the backing of Barings Private Equity Partners, the venture capital arm of ING Barings. According to chief promoter and CEO of TexWorld.Com, C Krishnamoorthy, the second round equity tie-up would be effected before the exchange starts business formally by June end.

Krishnamoorthy, along with K Rajkumar and Sriramulu, floated the first non-commodity business exchange in the world little over a year back. By 1999 end ING Barings took stake in the same. Krishnamoorthy, a Coimbatorean, was associated with Castelle (pioneer in fax and print servers) and developing new Internet-based technologies during his nearly 20-year stint at Silicon Valley. He was the technical consultant for the Coimbatore Stock Exchange when the bourse went on-line.

However, the CEO was not willing to disclose the stake that ING Barings has in TexWorld.Com or that which is being offered in the second round, due to "the non-disclosure agreement" with the VC. "What is being talked about as e-business is nothing but using the Internet as a medium for executing conventional businesses. We will add value, and plan to focus TexWorld as a serious business electronic exchange. Maybe there will be three players in this business after the expected shake-out and we intend to be among the three in the world," he said.

To make his dreams of becoming a major player come true, Krishnamoorthy plans to step down as CEO once a high profile US-based IT professional is identified to take on the mantle in the next three months. The idea, he said, was to mould TexWorld into a large IT company. Moreover, to bring credibility to the venture he plans to rope in a top global firm to carry out audit of the transactions. Coupled with the second round of funding new alliances and partnerships would be considered in specific hubs of textile activity. The Coimbatore subsidiary is currently on a recruiting spree to add another 120 people to the present strength of 60 to handle the back-room operations. It is also formally launching the operations here on Friday.