‘Better Opinions’, a rather unique startup that lets users trade their opinions on events in various categories, has raised $1Mn in pre-seed round from Java Capital and Soma Capital. Calling itself a ‘stock exchange’ of opinions, users can trade their opinions on events in various categories such as cricket, football, finance and entertainment. The platform also allows users to trade on events while matching them with a person with a complimentary trade.
Talking about the idea and viability of such a platform, Samay Jain Co-founder & CEO, explained that the app is also targeted at those individuals who may not be financially literate. Samay and co-founder Soumyajit Das are former GoJek employees.
“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 added.
Better Opinions, which was recently selected in Y Combinator’s W22 batch, is batting on the success of ‘prediction’ markets. While this segment has generally seen rather generic use-cases such as sports betting, fantasy sports, card-games among others, ‘Better Opinions’ is bringing a different perspective altogether. It is common for people to bet about daily topics that affect their lives, and the platform is banking on that as a business opportunity.
Founded in 2021, Better Opinions launched its Real Money Gaming App (“RMG App”) in December last year. Within a month of its launch, the app saw 150K sign ups with a week on week (WoW) growth of 30%.
The funds raised will be used to build & expand the product and tech team, grow the existing user base and educate the users about events trading. Better Opinions is an app where events are created in the form of binary yes/no questions to make trading more relatable, accessible and widespread.