Meta (formerly Facebook) is looking to invest in an Indian startup called Better Opinions, an event trading platform that allows users in the country to trade their opinions on categories such as cricket, football, finance and entertainment and win cash, the media reported on Friday. The platform allows users to trade on events while matching them with a person with a complimentary trade.
If the deal goes through, it will be the first time Meta will take a stake in an early-stage Indian startup, reports TechCrunch. Meta is likely to invest in the seed financing round of up to $3 million, valuing the Y-Combinator backed Better Opinions at under $25 million. “The deliberations are ongoing and the deal is yet to close,” the report said, citing sources. Meta has earlier invested in social commerce platform Meesho and edtech platform Unacademy.
Founded in 2021, Better Opinions launched its Real Money Gaming App in December last year. It was 1.5 lakh sign-ups within a month of its launch. In February this year, Better Opinions raised over $1 million in a pre-seed round from Y Combinator, Java Capital, Soma Capital, and investors like Mayank Kumar, co-founder of UpGrad and Sudhanshu Raheja, head of product and engineering at GoTo Financials (Gojek-Tokopedia), among others.
“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,” Samay Jain, co-founder and CEO, Better Opinions had said in a statement.
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