Social network worldfloat.com plans 10% stake dilution to venture capitalists

MUMBAI: Social network worldfloat.com's promoters are in talks with venture capitalists in the US to dilute a 10 per cent stake, a company official said here.

"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 USD 300 million and we are talking to venture capitalists in the US to dilute a 10 per cent stake of around USD 3 million," Worldfloats Director Pushkar Mahatta told PTI.

Nearly 80 per cent users of the portal are Indians and 20 per cent are from 61 different countries around the globe, he said, adding that it expects 30 million users by December 2013.

He claimed that Worldfloat is the only social network in the world where people could earn money up to Rs 10,000 through a treasure hunt game and do social networking at the same time. Users also have an option to watch a large collection of movies and update themselves with latest Indian and international news on a real-time basis.