Dream11-Backed NFT Startup Rario's Founder Leaving After $120M Funding
In shocking news, the founder of Rario, which is a cricket NFT startup that received a huge $120 million funding round led by India's Dream11 last year is leaving the company.
In a surprising turn of events, the founders of Rario, the cricket NFT startup backed by Dream11 with a hefty $120 million funding last year, are set to leave the company.
This development comes as investors, including Dream11, take a more hands-on role in the startup's affairs.
Ankit Wadhwa, the current CEO, and Sunny Bhanot, the CTO of Rario, are at the centre of this transition.
However, both Wadhwa, Bhanot, and the Rario team have not yet commented on the matter.
Dream11 has also opted to remain silent.
Cost-Cutting Measures by Dream-11
This change in leadership is part of a broader restructuring effort within Rario, which includes the elimination of several other roles.
Notable backers of Rario, including Alpha Wave Global and cricket legend Sachin Tendulkar, are closely observing these developments.
These adjustments coincide with Dream Sports, the parent company of Dream11, making efforts to cut costs.
Negotiations are underway to amend many of the licensing deals that Rario had previously established, aiming to streamline expenses.
The recent developments contrast sharply with Rario's success just a year ago when it secured an impressive $120 million funding round.
The startup aggressively pursued the rights to sell various cricket-related NFTs on its platform.
At that time, Rario was valued at about $250 million, with its founders selling a portion of their stake in the process, according to insiders familiar with the deal.
NFT Market Challenges
However, the platform's popularity has dwindled in recent quarters, in line with a global trend where NFTs have struggled to find buyers.
Both the volume and value of these digital assets have seen a significant decline due to an extended economic slowdown.
Rario currently maintains several partnerships, collaborating with cricket icon Sachin Tendulkar, Cricket Australia, IPL franchises like Gujarat Titan and Punjab Kings, Abu Dhabi T10, Hero Caribbean Premier League, and the Lanka Premier League.
Conclusion
The departure of Rario's founders marks a significant turning point for the startup.
With major investors taking a more active role and a shifting NFT landscape, the company stands at a crucial juncture in its journey.
As the dust settles, Rario will need to chart a new course, leveraging its strategic partnerships and reevaluating its approach to the NFT market to thrive in this evolving landscape.
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