Gurgaon based TradeX, a predictions market platform, which is a new generation stock exchange dedicated to trading on everyday event outcomes has raised a Seed round of $1 Million from TDV Partners, SoMa Capital and marquee investors like Maninder Gulati, Anupam Mittal, Rajesh Shawney, Hitesh Chawla, Cem Garih, Justin Mateen, Fethi and few others.
TradeX is a platform for the Bharat audience, as it aims to solve the problem by creating an event-based predictions market. 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, there will be events like – “Will India have 10L daily new Covid cases by 31st Jan 2022?”, “Can Bitcoin cross $100k price in 2022?”, ” Alia Bhatt and Ranbir Kapoor to get married before Brahmastra movie release?” Any user can take a Yes or No position on these questions based on their opinion and knowledge. Also, users get to learn about new topics in the world and at the same time make money by trading on their knowledge and opinion daily.
Divij Goyal, co-founder of TradeX mentioned, “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.”
The company has launched various events across different categories like entertainment, finance, news, sports, etc. and will be focusing on going deeper into these categories. Within months of going public, they are seeing strong traction where 1L+ users have traded more than 10 Cr worth of money and earned profits. Users are loving the product and demanding to launch newer markets for them to trade.