According to sources familiar with the matter, the founders of Rario, the cricket NFT startup that received a $120 million funding round led by India’s Dream11 last year, are stepping down from their roles at the two-year-old company. Ankit Wadhwa, who currently serves as Rario’s CEO, and Sunny Bhanot, Rario’s CTO, are reportedly being asked to leave by investors, including the startup’s largest supporter, Dream11. The individuals providing this information have requested anonymity due to the confidential nature of the situation.
Despite attempts to reach out, neither Wadhwa, Bhanot, nor Rario have responded to requests for comments, and Dream11 has declined to comment on the matter.
As part of a broader restructuring effort, it has been reported that several other positions at Rario will also be eliminated. Rario’s backers include Alpha Wave Global and cricket legend Sachin Tendulkar.
These developments come at a time when Dream Sports, the parent company of Dream11, is actively looking to reduce expenses. It is said that the startup is in negotiations to scale back the licensing agreements that Rario had previously entered into, in an effort to cut costs.
These changes may come as a surprise to many, especially considering that just last year, Rario successfully secured a $120 million funding round and aggressively pursued the rights to sell various cricket NFTs on its platform. In the previous funding round, Rario had been valued at approximately $250 million, and the founders had sold a portion of their ownership as part of the deal, according to other individuals familiar with the transaction.
However, Rario’s popularity has diminished in recent quarters, as NFTs have faced challenges in gaining traction among consumers worldwide. Both the volume and the price of digital assets have experienced significant declines amid a prolonged economic slowdown.
Rario currently maintains several partnerships, including collaborations with Tendulkar, Cricket Australia, IPL franchises Gujarat Titans and Punjab Kings, Abu Dhabi T10, Hero Caribbean Premier League, and the Lanka Premier League.
