No Kidding: Social Network Worldfloat Plans 10% Stake Dilution To US Venture Capitalists

Worldfloats Director, Pushkar Mahatta expressed that he is willing to dilute 10% stake of the social network.

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India’s social network Worldfloat is back once again with more exciting  news. The social network that was bizarrely labelled by TOI that is going to take over Facebook is in talks with venture capitalists in the US. As reported by The Hindu Business Line, Worldfloat’s Director, Pushkar Mahatta expressed that he is willing to dilute 10% stake of the social network.

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“We launched worldfloat.com in June 2012 and by June 2013 we reached a user base of 10 million from 62 different countries. The total value of portal is estimated at $300 million and we are talking to venture capitalists in the US to dilute a 10 per cent stake of around $3 million,” Worldfloat’s Director, Pushkar Mahatta said.

The news that has been covered at Hindu comes to us with no surprise. In fact Pushkar was labelled as India’s Mark Zuckerberg which we thought was quite farfetched a claim and had reported about it too .

According to Pushkar the platform has around 6 million users and by June-end the platform should have more than 10 million users. He also further states that by December he is expecting it to reach 30 million.

While reviewing the platform, I had a severe pain in my eyes due to its ‘Floating Technology’. The features like Travel, Health, Movies, etc. along with a social network was confusing. The security features have been compromised too as it shows the email ids of users when you search for profiles on the network.

What surprises me is that The Times of India has covered two stories, where one has been an interview where the Founder boasts of VCs offering him $300 million but he does not wish to sell. However, this contradicts with his interview in Hindu, where he said that he might consider giving a small stake!

I am sure that the small stake that he was referring to previously, is now 10% but it would be really interesting to see who would be the US based investors to have faith on the path breaking social network.

Image courtesy: hometestingblog.testcountry.com