Y-Combinator backed event trading platform, Better Opinions Inc on Monday said it has raised $2.5 million (around Rs 19.5 crore) as a part of its seed funding round from a host of investors.
Erly-stage investor Metaplanet VC, existing investor Y Combinator, Taurus VC, Original Capital, Tremis Capital, Super Capital and other angel investors paticipated in the round.
The Gurugram-based firm plans to deploy the fresh proceeds to build and expand its product and tech teams, marketing for business scale up.
Founded in 2021 by Samay Jain and Soumyajit Das, Better Opinions is an event trading app that allows users to trade their opinions on events in various categories such as cricket, politics, crypto and entertainment. It allows users to trade on events while matching them with a person with a complimentary trade.
The startup raised over $1 million in a pre-seed round from Y Combinator, Java Capital and Soma Capital in February this year. It claims to have over 6 lakh users who have traded over Rs 10 crore on the platform.
“The funds will also be used to make Better Opinions a trading cum social platform,” said Samay Jain, co-founder and chief executive officer, Better Opinions.
Founded in 2011, Metaplanet Holdings is a venture capital which invests in artificial intelligence, biotech, cryptocurrency, healthcare and transportation tech sectors.
“Better Opinions’ real cash prediction market is contributing to increasing decision-making abilities and financial literacy of their user base. It is rare to see ventures having a positive impact on epistemic hygiene while also appealing to the mass market,” said Rauno Miljand, managing partner, Metaplanet.
The investment in Better Opinions underlines the continued interest in the trading segment in India.
Early this month, fintech stock trading platform MarketWolf raised $10 million as part of its Series A funding round led by venture capital firm Jungle Ventures and Dream Capital, the corporate venture capital and acquisitions arm of Dream Sports.
In March, Kotak Securities Limited (KSL), a subsidiary of Kotak Mahindra Bank, had acqui-hired virtual trading and thematic investment platform TradeGyani.