Rario, the Polygon-based platform specializing in cricket-related NFTs) is witnessing the departure of its founders after a successful $120 million funding round last year.
The Founders’ Farewell and Dream 11’s Departure
After two years since its launch, Rario is undergoing a transformative phase. Founders Ankit Wadhwa, the CEO, and Sunny Bhanot, the chief technology officer, are stepping down as investors to assert greater control over the platform. This move as reported by TechCrunch, is driving changes not only in leadership but also in the company’s structure.
Dream11, a prominent Indian fantasy sports platform and Rario’s largest backer, is also parting ways with the project. This marks a significant shift in Rario’s investor landscape. Additionally, the restructuring efforts encompass the removal of several key roles within the organization, streamlining its operations.
Investor Landscape and Financial Realignment
Also, aside from Dream11, Rario boasts investments from global giants and cricket legend Sachin Tendulkar. In April 2022, the cricket NFT platform secured an impressive $120 million in a Series A funding round. As a result, they proudly claimed the largest share of cricket NFT rights with 900 cricketers at the time.
The latest developments at Rario coincide with Dream11’s parent company, Dream Sports, actively seeking cost reduction measures. TechCrunch reports that Dream Sports is currently renegotiating many of the licensing deals previously inked by Rario, aiming to trim down expenses and enhance efficiency.
As of now, the reported changes haven’t been reflected on the executives’ LinkedIn profiles, leaving some uncertainty about the transition’s extent.
Rario’s Mission and Achievements
Established in 2021, Rario embarked on a mission to create digital cricket collectibles, fostering engagement among fans within an online community. As of April 2021, the company proudly reported selling 50,000 NFTs to sports enthusiasts across 20 countries.
Cricket Leagues in the Rario Portfolio
Rario’s portfolio encompasses partnerships with prominent 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.
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