Rario, a pioneering non-fungible token (NFT) startup centered around cricket, is undergoing major leadership changes as its founders reportedly exit the firm. The Polygon-based platform saw its inception just two years ago.
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Investors decide to restructure
According to a report by TechCrunch dated September 8, the firm’s CEO, Ankit Wadhwa, and Chief Technology Officer (CTO), Sunny Bhanot, are being expelled from the company. Rario’s investors made the decision as they decided to tighten their grip on operations.
Dream11, an eminent fantasy sports platform in India and Rario’s primary financial backer, is also reportedly on its way out. This ousting parallels the elimination of various roles within the company, signaling a comprehensive restructuring process.
Backed by renowned players
Rario is backed by other notable investors besides Dream11, including global investment behemoth Alpha Wave Global and cricket maestro Sachin Tendulkar.
Just last year, in April 2022, Rario impressively raked in $120 million during a Series A funding round. The platform proudly declared possession of the most expansive cricket NFT rights, representing 900 cricketers.
The latest shakeup seems interlinked with efforts by Dream11’s parent company, Dream Sports, aimed at slashing company costs. Dream Sports is actively in discussions to renegotiate a multitude of Rario’s existing licensing agreements, aiming to curtail expenditures.
The recent upheaval isn’t yet evident on the executive’s public LinkedIn profiles.
Cricket NFTs and Rario’s vision
Launched in 2021, Rario’s initial vision was to craft digital cricket collectibles, fostering a robust online community of cricket aficionados similar to what NBA Top Shot did with basketball.
The company’s rapid growth was evident when, in April 2021, it announced sales of 50,000 NFTs to eager fans across 20 countries. While the sport of cricket lacks coverage in the West, it is followed by an estimated 2.5 billion fans in the East, particularly in India, Pakistan, Sri Lanka, and Bangladesh.
Rario’s extensive portfolio boasts associations with leading cricket leagues, encompassing Cricket Australia, the Australian Cricketers’ Association, the Caribbean Premier League, the Lanka Premier League, and the esteemed Abu Dhabi T10 League Legends League Cricket.