Rario, the cricket-focused NFT startup that secured a massive $120 million investment last year, are bidding farewell to the company they established just two years ago. Sources close to the matter have revealed that Ankit Wadhwa, who currently holds the position of CEO at Rario, and Sunny Bhanot, the company’s Chief Technology Officer, are stepping down due to increasing pressure from investors, including their primary supporter, Dream11.
The individuals providing this information have chosen to remain anonymous due to the sensitive nature of the situation. Notably, Wadhwa, Bhanot, and Rario’s official representatives have refrained from commenting on this matter, and Dream11 has declined to offer any insights.
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Dream11’s Parent Company Dreaming of Savings: Rario’s Cost-Cutting Moves
This leadership shakeup is just one facet of a broader series of changes occurring within Rario. The company is also streamlining its workforce, resulting in several roles being eliminated. Rario’s investor portfolio includes prominent names such as Alpha Wave Global and cricket icon Sachin Tendulkar.
These developments coincide with Dream Sports, the parent company of Dream11, actively pursuing cost-cutting measures. The startup is currently engaged in renegotiating numerous licensing agreements previously inked by Rario, with the aim of reducing expenditures. This insight comes from a source familiar with the matter.
Nevertheless, these changes are bound to catch many off guard. Merely a year ago, Rario successfully raised an impressive $120 million in funding and aggressively pursued exclusive rights to sell a variety of cricket-themed NFTs on its platform. At that time, it was valued at approximately $250 million during its previous funding round, during which the founders divested a portion of their stake, according to insiders with knowledge of the deal.
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However, the platform’s popularity has witnessed a decline in recent quarters, mirroring the global trend of waning interest in NFTs. Both the volume and price of digital assets have taken a significant hit amidst an extended economic slowdown.
It’s worth noting that Rario presently maintains several strategic partnerships, including collaborations with Tendulkar, Cricket Australia, IPL franchises such as Gujarat Titan and Punjab Kings, Abu Dhabi T10, Hero Caribbean Premier League, and the Lanka Premier League.
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The departure of Rario’s founders, Ankit Wadhwa and Sunny Bhanot, marks a significant juncture in the company’s journey. While their exit may come as a surprise, it reflects the evolving landscape of the NFT market and the need for adaptability in the face of changing consumer preferences. As Rario navigates these changes and streamlines its operations, it remains connected to its esteemed partners and the world of cricket. The future holds new challenges and opportunities, and Rario’s ability to pivot in response to market dynamics will be closely watched by industry observers.
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