Better Opinions, a Y-Combinator (YC) backed company, has raised over $1 million in a pre-seed round from Y-Combinator, Java Capital, Soma Capital, and angels including Mayank Kumar, Co-founder, 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, the co-owners of Sacramento Kings.
Better Opinions is an alternative investment trading app founded by former Gojek employees, which allows users to trade their opinions on events in various categories. Funds raised will be used for building the tech & product team. That will expand the user base and educate about trading.
Better Opinions is an event trading platform that allows users to trade their opinions on events in various categories, such as cricket, football, finance and entertainment. The users can trade on events while matching them with a person with a complimentary trade.
It is the stock market exchange of opinions. With events trading emerging as a whole new asset class globally, Better Opinions is targeting Rs 1 crore monthly GMV in Q2 and 1 million users in Q4.
Samay Jain, Co-founder & CEO of Better Opinions, explained that it also targeted the app at those 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.”
The funds raised will 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 as binary yes/no questions to make trading more relatable, accessible and widespread.
Vinod Shankar, Co-founder and Partner, Java Capital, said “We at Java Capital are very excited to invest in Better Opinions and back Samay and Soumyajit, who have shown maturity and purpose in building Better Opinions, and scaling it at a fast pace. As a VC, I make decisions for companies to invest/trade, a reflection of our opinion, knowledge and information at a point in time. We are in a privileged position as a VC to make such decisions as part of our jobs. What if you and anyone else want to trade on their opinions? Better Opinions - is a product for everyone who has an opinion on any world event to trade and take a position on the same."
Founded in 2021, Better Opinions launched its Real Money Gaming App (RMG App) last year December. Its launch has seen 150K sign-ups with a week on week (WoW) growth of 30% within a month. The launch comes after the Beta version of the Better Opinions App, played with virtual money.
Better Opinions has been shortlisted for the W22 batch of Y Combinator. The team consists of founders, Samay Jain and Soumyajit Das, who are former employees of Gojek. The team also comprises graduates from IIT Kharagpur, IIT Delhi and NALSAR, among others.
Prediction markets sit at the intersection of three of the strongest trends that are being observed today: a tendency to speculate, real money gaming, and social. The prediction market allows one to trade on everyday topics. RMG business is growing at a CAGR of 23% YOY.
About Better Opinions:
Founded in 2021, Better Opinions is a Gurugram based, skill-based gaming startup that allows users to trade their opinion on an outcome of a real-life event. It is the stock exchange of opinions.
It allows users to trade their opinions on events in various categories such as cricket, football, finance and entertainment and allows users to trade on events while matching them with a person with a complimentary trade. Everyone who has an opinion on any world event can use it as a product. It helps make trading accessible for all.