Gurugram-based Y Combinator, Java Capital, and Soma Capital led a $1 million pre-Seed funding round for Better Opinions, a skill-based gaming startup that allows users to trade their opinions on the outcome of a real-life event.
Mayank Kumar (Co-founder of UpGrad), Sudhanshu Raheja (Head of Product and Engineering, GoTo Financials, Gojek-Tokopedia), Pratyush Prasanna (SVP, Gojek), Chinmaya Sharma (Chief Commercial Officer Namshi), and the Ranadive Family, co-owners of the Sacramento Kings, all participated in the round.
In 2021, Soumyajit Das and Samay Jain co-founded the company. Better Opinions allows users to trade their thoughts on events in a variety of categories, including cricket, football, finance, and entertainment. It also allows users to trade on events while matching them with other users.
Better Opinions is aiming for Rs 1 crore in monthly GMV in Q2 and 1 million users in Q4, according to the statement, with events trading emerging as a whole new asset class around the world.
According to the company’s statement, the funds raised will allow the startup to grow its product and technology teams. Apart from that, it will concentrate on expanding the existing user base and educating them on how to trade events.
Samay Jain, Co-founder & CEO of Better Opinions, said the application also targets individuals who may not be financially literate. “Our aim is to make the app inclusive for all. The stock market unfortunately can be very technical and opaque and therefore isn’t always accessible for all. However, when we start allowing trading in categories such as cricket, politics, and entertainment, not only do we make trading more relatable, but we also help improve their financial literacy. In the process, they also start experiencing the excitement of trading,” he said.
The startup said its real money gaming app (“RMG App”) saw 150,000 signups within the first months of its launch and is currently witnessing 30% week-on-week (WoW) growth.
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