TradeX, a predictions market platform, has raised $1 million (around Rs 7 crore) in a seed round from TDV Partners, SoMa Capital and marquee investors, including Maninder Gulati, Anupam Mittal, Rajesh Shawney, Hitesh Chawla, Cem Garih, Justin Mateen, Fethi, among others, the company said in a statement.
The Gurgaon-based company plans to use the fresh capital to build and improve its technology team and expand the platform across Indian users.
“We are building the platform with a vision to build a single source of truth where people can build perspective from what the masses are thinking. With wide social media penetration, misinformation, or lack of information, we end up building one-sided views. With TradeX, people can know what others around them think. Users use TradeX to form their opinion about any event as well as trade to seek financial incentive on their opinion," said Divij Goyal, Co-founder of TradeX.
Founded in 2021 by IIT Roorkee alumni Goyal and Ankit Shrivastava, TradeX aims to solve the problem by creating an event-based predictions market. TradeX users can take direct exposure to any real-life event, double down on their investments or hedge positions. Earlier, the duo launched many gaming products, the statement said.
The company claims to have launched various events across different categories such as entertainment, finance, news, sports, and will be focusing on going deeper into these categories. According to the statement, they are seeing strong traction, where more than 100,000 users have traded more than Rs 10 crore worth of money and earned profits.
