Meta, the parent company of Facebook, is tending to make its third startup investment in the South Asian market as its talks are underway with Better Opinions.
According to a report published by TechCrunch, Meta is ready to back the early-stage Indian startup Better Opinions.
Meta considers India as its largest market in terms of social media user base and it invested in social commerce Meesho in 2019 and online learning platform Unacademy in 2020.
The talks with Better Opinions are underway and the deal is yet to close, the sources told the news website, requesting anonymity.
Meta is proposing to invest in Better Opinions’ seed financing round of up to $3 million, valuing the startup at under $25 million. If the talks materialise into a deal, it will be the first time Meta takes a stake in a seed-stage Indian startup.
Co-founder of Better Opinions Samay Jain said that the startup has raised $2.5 million in seed funding from Metaplanet VC, YCombinator, Taurus VC, Original Capital, Tremis Capital, Goodwater Capital and Super Capital among others.
However, Jain declined to comment on the startup’s deliberations with Meta.
Founded last year, Better Opinions is building what it has described to investors as the prediction market for India.
Its app allows individuals to trade their opinions on everyday topics and win real cash based on how good those predictions turned out.
These everyday topics include predicting the price of a cryptocurrency token at a specific future time, box office collection of a new film and views a YouTube will be able to garner during a specific period.
On the app, users can also make predictions on the results of cricket matches as well as specific outcomes of certain events in the game such as runs in an over, according to an analysis of the app.