3 mins readRario is a startup. It's about non-fungible tokens or NFTs. They focus on cricket-related tokens. Now, it's losing key people. It's also losing a major funding source.
We learned this from a report. The report says Rario is restructuring. This means it is rearranging its business. This involves getting rid of some jobs. This was done to make Rario better.
What is Rario?
Rario is a unique company. It runs on a platform called Polygon. Its founders left it this year. They started it just two years ago.
Rario CEO Ankit Wadhwa (left) and CTO Sunny Bhanot (right). Source: TechCrunch
Who are these founders? One is Ankit Wadhwa. He was Rario's boss, or CEO. The other is Sunny Bhanot. He was in charge of the tech side. He was the CTO.
A note about dates. These changes took place on September 8. This news comes from TechCrunch.
Here's more about the founders. A picture shows both of them. Ankit Wadhwa is on the left. Sunny Bhanot is on the right. Now, they're not part of Rario.
Why? The report says it's the investors. They're getting more control.
The Connection with Dream11
Let's talk about Dream11. It's important to this story too. This Indian company is a giant in fantasy sports. They gave money to Rario. A big chunk of it. Now, they're also being kicked out.
This is part of the restructuring. Rario decided to remove them. They're making other changes too. They're cutting more jobs.
What about the other investors? Rario has other backers. For example, Alpha Wave Global, an investment company. It's known worldwide. And there's Sachin Tendulkar. He's a legendary cricket player.
In April 2022, things seemed good. Rario gathered $120 million. This money was for Series A funding. They said they had the biggest chunk of cricket NFTs. This included 900 cricketers. Now, things have changed. The company is facing challenging times.
We're seeing Dream11's parent company, Dream Sports, in action. They're reportedly trying to save money. Yes, they're cutting costs at the company. This information is from TechCrunch.
Additionally, Dream Sports is not sitting idle. They're busy negotiating licensing deals. Specifically, they're dealing with the ones Rario had signed. The goal? To cut expenses even more.
What Now?
Right now, we don't see these changes on LinkedIn. We checked the profiles of the executives. They remain unchanged. It's a bit intriguing, to say the least.
Now, let's rewind a bit. Let's look back at Rario's beginnings. The company was founded in 2021. It had a clear purpose. They wanted to create digital cricket collectibles. Another goal was to build an online community. They wanted fans to get involved. They wanted them to interact and have fun.
Final Thoughts
As per the numbers, they were doing well. By April 2021, they had something to boast about. Rario managed to sell 50,000 NFTs. Yes, you heard it right. 50,000 NFTs sold to sports fans. And these fans weren't just from one place. They hailed from 20 different countries. Everyone loved the collectibles Rario had to offer.
There's more to be said about Rario. They had teamed up with a number of cricket leagues. Just to name a few, Cricket Australia, the Australian Cricketers’ Association, the Caribbean Premier League and the Lanka Premier League. They also partnered with Abu Dhabi T10 League Legends League Cricket. Now, as we watch these unexpected happenings, we can't help but wonder what lies ahead.
