NFT

NFT startup Rario experiences founder departures following $120M funding in the previous year.

Rario, the NFT platform focused on cricket and built on Polygon, has witnessed the departure of its founders after two years since its launch.

The CEO, Ankit Wadhwa, and the chief technology officer, Sunny Bhanot,

are reportedly being pushed out as investors exert greater influence over the startup.

TechCrunch reported this development on September 8.

Rario CEO Ankit Wadhwa (left) and CTO Sunny Bhanot (right).

Rario, the cricket-focused NFT platform, is experiencing significant changes as Dream11,

its major investor and a prominent Indian fantasy sports platform, is reportedly being ousted.

Alongside Dream11, other restructuring efforts are leading to the removal of various roles within Rario,

according to the report.

In addition to Dream11, Rario boasts notable investors such as Alpha Wave Global,

a global investment company, and cricket legend Sachin Tendulkar.

The platform, which claimed to have the largest share of cricket NFT rights with 900 cricketers at the time,

raised $120 million in a Series A funding round back in April 2022.

The reported shakeup aligns with alleged cost-cutting efforts by Dream Sports,

the parent company of Dream11.

TechCrunch suggests that Dream Sports is currently engaging in negotiations to reduce expenses related to the licensing deals previously signed by Rario.

Status of Reported Executive Changes and Rario’s Progress in Revolutionizing the Cricket Industry

As of the current date, the individuals involved in Rario’s executive team have not updated their profiles to reflect the reported changes.

Established in 2021, Rario aimed to revolutionize the cricket industry by offering digital cricket collectibles and fostering an online community for fans.

By April 2021, the company had already sold 50,000 NFTs to sports enthusiasts in 20 different countries.

Rario has secured partnerships with various cricket leagues, including Cricket Australia,

the Australian Cricketers’ Association, the Caribbean Premier League, the Lanka Premier League,

and the Abu Dhabi T10 League Legends League Cricket.

These collaborations have further expanded the platform’s reach and relevance in the cricket ecosystem.

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