According to individuals familiar with the situation, the founders of Rario, the cricket NFT startup that received a $120 million investment from India’s Dream11 last year, are departing the company, which is now two years old. Ankit Wadhwa, who serves as Rario’s CEO, and Sunny Bhanot, Rario’s CTO, are being ousted as investors in the startup, including the largest supporter, Dream11, exert more influence. The sources requested anonymity because the matter is confidential. Wadhwa, Bhanot, and Rario have not responded to requests for comments, while Dream11 has declined to comment.
As part of a broader series of changes, it is reported that numerous other positions at Rario are also being eliminated. Alpha Wave Global and cricket legend Sachin Tendulkar are among Rario’s backers.
These changes are occurring as Dream Sports, the parent company of Dream11, is actively seeking to reduce expenses. It is said that the startup is renegotiating many of the licensing agreements that Rario had previously signed to cut costs.
However, these developments may come as a surprise to many. Just last year, Rario secured a $120 million funding round and aggressively pursued rights to sell various cricket NFTs on its platform. It was valued at approximately $250 million in its previous funding round, and the founders sold some of their stakes as part of the deal, according to other individuals familiar with the transaction.
The platform’s popularity has declined in recent quarters as NFTs have become a challenging sell for consumers worldwide. Both the volume and price of digital assets have plummeted significantly due to a prolonged economic slowdown.
Currently, Rario maintains several partnerships, including those with Tendulkar, Cricket Australia, IPL franchises Gujarat Titans and Punjab Kings, Abu Dhabi T10, Hero Caribbean Premier League, and the Lanka Premier League.
