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Social networking site Worldfloat is looking to raise $50 million to expand its technologies by selling 10 per cent stake.
“We are looking to expand Worldfloat technologies to a larger scale and level.
“We are adding about 30 new products in the next six months and we are hopeful of getting a valuation of about $500 million from VC funds,” Worldfloat founder Pushkar Mahatta said in a statement.
Worldfloat launched as a social network site in June 2012, boasts of 50 million users from across the world with majority users from India.
Worldfloat offers about one lakh free online movies and news search engines such as Google news and videos news platforms. This shows viral videos from across the world with maximum views and offers an online university with computer and school courses. Its additional feature includes random chat via video and text between strangers logging into Worldfloat’s social network.
The company has also recently introduced e-commerce features to mark its entry into the discount deals market where it is pitted against major players including OLX, Flipkart and Snapdeal.
The new feature called Citydeals, would allow users to buy and sell products locally, according to Mahatta.
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