TradeX, an India-based predictions market platform, has raised USD 1 Million in a seed funding round from TDV Partners, SoMa Capital and prominent investors, including Maninder Gulati, on 11 January 2021.
Investors: The latest funding round drew participation from TDV Partners, SoMa Capital and marquee investors, including Maninder Gulati, Anupam Mittal, Cem Garih, Rajesh Shawney, Hitesh Chawla, Justin Mateen, Fethi, among others.
The Objectives behind the funding: The company plans to deploy the current proceeds to build and improve its technology team and expand the platform across Indian users.
About TradeX
Founded in 2021 by Divij Goyal and Ankit Shrivastava, alumni of IIT Roorkee, TradeX enables trade on the outcome of events such as Weather, Politics and Economics. TradeX users can take direct exposure to any real-life event, double down on their investments or hedge positions. Derivatives market on information like TradeX is an attempt to capture that market where users can trade on their opinions. It’s a real-money gaming application that operates as a P2P trading platform. For example, the company provides trade opportunities on events like – “Will India have 10L daily new Covid cases by 31st Jan 2022?”, “Can Bitcoin cross USD 100k price in 2022?”, ” Alia Bhatt and Ranbir Kapoor, to get married before Brahmastra movie release?”
The duo has previously worked in companies like JPMC, Ziploan, CityMall, Sapient, and Ladbrokes. They together have launched many gaming products before finalizing the predictions market space.
The company has launched several events across different categories like entertainment, finance, news, sports, etc. and said that they would be focusing on going deeper into these categories. The company claims that they are seeing strong traction where 1L+ users have traded more than 10 Cr worth of money and earned profits. TradeX claims that the users love the product and demand to launch newer markets for them to trade in.
What the Founder has to say:
Divij Goyal, the co-founder of TradeX, said, “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 other people around them think. Users use TradeX to form their opinion about any event as well as trade to seek financial incentive on their opinion.”
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