Rario NFT Startup Loses Founders After $120M Funding.

The founders of Rario, the cricket NFT startup, are stepping down from their positions amid a wave of changes at the company. Ankit Wadhwa, the CEO, and Sunny Bhanot, the CTO, are reportedly being pushed out as investors, including Dream11, the largest backer of Rario, exert greater control over the firm. This development comes just a year after Rario raised $120 million in funding, led by Dream11, and was valued at around $250 million.

Sources familiar with the matter revealed that Rario’s founders, Wadhwa and Bhanot, will leave the company. However, neither the founders nor Rario have officially commented on the matter. Dream11, when approached for a statement, declined to provide any information.

The founders’ departure is part of a broader set of changes at Rario. Numerous other roles within the company are also being eliminated. This restructuring is driven by a need to exert tighter control and cut costs as Dream Sports, the parent company of Dream11, navigates the current economic climate. Dream Sports reportedly renegotiates many licensing deals that Rario had previously secured to reduce expenses.

Rario enjoyed a significant boost in funding and attention last year as it aggressively pursued the rights to sell cricket NFTs on its platform. The startup had secured partnerships with prominent entities such as cricket legend Sachin Tendulkar, Cricket Australia, IPL franchises Gujarat Titans and Punjab Kings, Abu Dhabi T10, Hero Caribbean Premier League, and the Lanka Premier League. However, the popularity of NFTs has waned in recent quarters, resulting in a decrease in volume and price for digital assets across the market.

The founders’ departure and the restructuring at Rario will undoubtedly raise eyebrows within the industry. The startup had shown promise and potential with its innovative approach to cricket NFTs. Nevertheless, the challenges faced by the NFT market globally have affected Rario’s growth and overall success.

The departure of the founders, along with the elimination of various roles, signifies a significant change in the direction and operations of Rario. As investors take greater control, how the company will navigate the evolving NFT landscape remains to be seen. Rario must adapt and find new strategies to remain competitive and regain momentum in an increasingly challenging market.

Only time will tell how Rario will fare without its founding members and in the face of a volatile NFT market. As the company undergoes these transformations, the industry will be watching closely to see how it positions itself for the future and whether it can regain its earlier momentum in cricket NFTs.

Source: Techcrunch