Founders and Major Investor Exit Cricket NFT Platform Rario Amid Restructuring Efforts
Summary:
Polygon-based cricket NFT platform Rario sees its founders and major investor leaving amid restructuring efforts. The changes come as investors seek greater control over the platform, which had raised $120 million in funding and gained support from prominent investors. Dream Sports, the parent company of major backer Dream11, is reportedly working to reduce costs. Rario aims to create digital cricket collectibles and engage fans as an online community.
Polygon-based cricket NFT platform Rario is experiencing a change in leadership as its founders, including CEO Ankit Wadhwa and CTO Sunny Bhanot, are reportedly leaving the company after two years. This comes as investors seek to exert greater control over the platform. Dream11, a major Indian fantasy sports platform and Rario's largest backer, is also reportedly being ousted. As part of the restructuring efforts, several roles within Rario are being eliminated. The company had gained significant support from investors such as Sachin Tendulkar and raised $120 million in funding. These changes occur amidst reports of Dream Sports, Dream11's parent firm, working to reduce costs by renegotiating licensing deals. Both Rario and Dream11 have yet to comment on the situation. Rario, founded in 2021, aimed to create digital cricket collectibles and foster an online community for fans. The platform has signed agreements with various cricket leagues across different countries.
Published At
9/8/2023 1:02:17 PM
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