TradeX, a predictions market platform, recently. revealed in a statement that they have raised $1 million (around Rs 7 crore) in a seed round from TDV Partners, SoMa Capital and marquee investors, including Maninder Gulati, Anupam Mittal, Rajesh Shawney, Hitesh Chawla, Cem Garih, Justin Mateen, Fethi, among others.

Incepted in 2021 by IIT Roorkee alumni Goyal and Ankit Shrivastava, TradeX plans to solve the problem by creating an event-based predictions market. The Gurgaon-based company plans to leverage the fresh capital to amp up its technology team and broaden the platform across Indian users. 

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“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 others around them think. Users use TradeX to form their opinion about any event as well as trade to seek financial incentive on their opinion,” said Divij Goyal, Co-founder of TradeX. 

Over the course of its existence, the company claims to have launched various events across different categories such as entertainment, finance, news, sports and will be laying emphasis on these categories. According to the statement, they are witnessing positive response and engagement, where more than 100,000 users have traded more than Rs 10 crore worth of money and earned profits.