Facebook parent Meta eyes investment in Indian betting app Better Opinions – TechCrunch

Facebook parent Meta, which sees India as its largest market by users, is set to make its third startup investment in the South Asian market.

American social media group that invested in social commerce Meesho in 2019 and: online learning platform Unacademy 2020is in talks to back early-stage startup Better Opinions, three sources familiar with the matter told TechCrunch.

Discussions are ongoing and the deal is not yet closed, the sources cautioned, speaking on condition of anonymity because the details are private. Meta did not respond to a request for comment Tuesday evening.

Meta is offering to invest in Better Opinions’ seed funding round of up to $3 million, valuing the startup at just under $25 million, two of the sources said. If the talks turn into a deal, it will be the first time Meta has taken a stake in an Indian startup.

Better Opinions co-founder Samay Jain told TechCrunch via email that the startup has raised $2.5 million in seed funding from a number of investors, including Metaplanet VC, YCombinator, Taurus VC, Original Capital, Tremis Capital, Goodwater Capital and Super Capital: . He declined to comment on the startup’s discussions with Meta.

Founded last year by GoJek alums Jain and Soumyajit Das, Better Opinions is building what it described to investors as a “prediction marketplace” for India. The app of the same name allows individuals to share their opinions on everyday topics and win real cash based on how well those predictions turn out.

These daily topics include the price prediction of a cryptocurrency token in a certain future period, the box office collection of new titles and the views that YouTube will be able to collect in a certain period of time.

In the app, users can also make predictions about the results of cricket matches as well as the specific results of certain events in the game, such as runs after the over, according to the app’s analytics.

“You can set your price, hedge and trade using Better Opinions. With our insights and your skills, you can trade and profit. We want to make trading an interesting exercise,” says the startup’s website.

In response to numbers from the investor deck, Jain said the startup has amassed 600,000 users who have transacted more than $1.25 million on the platform. The startup plans to generate revenue by charging commission, selling subscription and marketing, the investor deck said.

Better Opinions is trying to open up the world of investing to people who understand specific topics but can’t apply it to the stock markets, one of its investors described in a memo.

The prediction market is starting to make inroads into several markets. Startups like Kalshi and Dream11 are also operating in the space and have amassed millions of users.

Meta’s peers Google and Amazon have also made several investments in India in recent years, pursuing opportunities that often compliment and extend their approaches to serving the world’s second-largest Internet market.

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