Rario, the notable cricket NFT platform based on Polygon, is experiencing a crucial departure of its core team members. Key executives, including CEO Ankit Wadhwa and CTO Sunny Bhanot, are reported to have stepped down from their positions. In fact, founders Ankit Wadhwa and Sunny Bhanot are being pushed out by startup investors in order to gain greater control over the platform.
These drastic changes come merely two years after the company made its debut on the scene, promising to revolutionize the way cricket enthusiasts interact with their beloved sport, and particularly after raising $120 million.
Influence of Investors and Restructuring Efforts
The restructuring of Rario doesn’t stop at the departure of the founding members. Dream11, a prominent name in the Indian fantasy sports domain and a major supporter of the startup, also seems to be on the way out. Parent entity Dream Sports is reportedly exploring ways to cut costs at Rario, including renegotiating several licensing agreements initially secured by the platform. This strategic move aims to streamline the company’s operations and potentially alter its market approach and business model.
An Abruptly Interrupted Race
Since its inception in 2021, Rario has carved out a niche by offering digital cricket collectibles, fostering a vibrant online community of cricket enthusiasts spanning across 20 countries. In April 2022, the firm boasted a successful $120 million Series A funding round, securing a robust portfolio of cricket NFT rights encompassing up to 900 cricket players. The platform’s alliance with cricket legend Sachin Tendulkar and a host of other renowned investors underscored its potential to redefine cricket engagement on a global scale.