Rario, a platform operating on the Polygon blockchain, which specializes in issuing cricket-related non-fungible tokens (NFTs), is reportedly undergoing significant changes in leadership and ownership. TechCrunch reported on September 8 that Rario's CEO, Ankit Wadhwa, and its CTO , Sunny Bhanot, are being ousted as investors assume greater control of the startup. Notably, Dream11, India's prominent fantasy sports platform and one of Rario's biggest supporters, is also expected to be removed from the equation. Additionally, the company is implementing other restructuring measures that have led to the elimination of several roles.
Among Rario's notable investors are Dream11, global investment firm Alpha Wave Global, and cricket legend Sachin Tendulkar. In April 2022, the cricket NFT platform secured $120 million in Series A funding, boasting that it held the largest share of cricket NFT interests, featuring 900 cricketers at that time.
This restructuring aligns with reports of Dream Sports, the parent company of Dream11, seeking to trim expenses within the organization. According to TechCrunch, Dream Sports is currently in negotiations to alter some of the licensing agreements previously signed by Rario as part of its cost- cutting efforts. As of now, these reported changes have not been reflected in the LinkedIn profiles of the executives involved.
Founded in 2021, Rario aimed to create digital cricket collectibles and foster fan engagement in online communities. By April 2021, the company claimed to have sold 50,000 NFTs to sports enthusiasts in 20 countries. Rario had partnerships with various cricket leagues, including Cricket Australia, Cricketers Association of Australia, Caribbean Premier League, Lanka Premier League, and Abu Dhabi T10 Cricket Legends League.
