Rario founders departs a year after $120 million funding: Report
The founders of cricket NFT startup Rario are leaving the company, as per sources.
Rario CEO, Ankit Wadhwa and CTO, Sunny Bhanot are being pushed out as investors at the startup, including largest backer Dream11, exert greater control, sources said.
The sources also said that many roles at Rario are being eliminated. Alpha Wave Global and cricket legend Sachin Tendulkar are among its investors.
The changes come at a time when Dream Sports, the parent firm of Dream11, is making significant deliberations to cut costs. The startup is negotiating many of the licensing deals that Rario had signed to pare down expenses, as per sources.
Last year, Rario received a $120 million funding round and aggressively sought to win rights to sell several cricket NFTs on its platform. The company was valued at about $250 million in the previous funding and founders sold some stake as part of it, according to people familiar with the deal.
The popularity of the platform has waned in recent quarters as NFTs become a tough sell among consumers globally. The volume, as well as the price of the digital assets, have significantly crashed amid a protracted slowdown in economies.
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