India’s social network Worldfloat – which is being projected as the home-grown social network to takeover Facebook – is back once again with some exciting news. The article by PTI at The Hindu as well as The Economic Times states that the social networking site Worldfloat expects its user base to increase to 20 million by next month, helped by unique features like games which helps one earn money.
While we can’t tell you exactly how many users are actually being added every month but we can very easily prove that the claims made by the social network Founder Pushkar Mahatta are baseless and have no rationality.
Claiming to receive about a lakh sign-ups every day, the social network that has 16 million users in over 60 countries with India making up for almost 80 per cent of users, is surprisingly not being talked about by any of the popular tech sites or international sites. I believe they aren’t aware of the game changing social network – Worldfloat, which is growing at such an iconic speed.
The article by PTI focuses on three things majorly:
1) Its ground breaking Floating technology,
2) The Treasure Hunt game that is making you rich, and
3) Worldfloat is valued at $250M and has received 5 offers from PE funds.
I fail to believe all of these tall claims. The social network was reviewed by us earlier when TOI had called Pushkar as India’s Mark Zuckerberg. The floating technology that the network is boasting of is no revolution but a pain to the eyes. Apart from this, the security feature has big flaws and the movies that are being listed on the site are just being curated from YouTube. Most of them are illegal copies.
Another feature that is being boasted by the social network is the Treasure Hunt game. The implementation of the game is a bit shady too. In other words, I don’t find a single feature worth talking about in the next big social network.
Besides this, from day one Worldfloat has claimed that VC’s have shown interest. Last month Hindu had reported that Pushkar has expressed that he is willing to dilute 10% stake of the social network. Now he informs of receiving offers from private equity (PE) funds from the US who want to invest in his venture.
“So far we have received 5 offers from PE funds based in the US. But, we do not want to rush into anything now. We want to wait and see how things turn out by the year-end. Our current valuation is around $250 million,” added Pushkar.
I really doubt real investors will invest in the floating social network. Any sane person wouldn’t even dare to browse further, forget networking in it. By the way, a month ago, Pushkar had stated that his social network is valued at $300 million!
I have no issues with Worldfloat as they are not forcing me to join them. However, esteemed publications like Hindu and Economic Times should get facts checked before making such tall claims about a social network which is flawed at its core.