Worldfloat challenges Facebook with 50 million users

Mahatta said the site has got attractive valuations on the back of new features and fast growing user base.

'Worldfloat received a last valuation of about USD 300 million from venture capital funds around a year back when we were planning to sell 10 percent stake to raise capital for further expansion of our technologies, but we decided not to do so," he added.

'We will be adding nearly 30 new products to Worldfloat in the next six months. After that, we expect to get a valuation of nearly USD 500 million,' he added.

Mahatta said the company plans to raise around USD 50 million by selling a 10 percent stake. The money will be used to fund the introduction of more advanced technologies that cater to the needs of larger-scale operations.