# NFT startup Rario founders to leave a year after $120 million funding

Source: https://techcrunch.com/2023/09/08/rario-dream11
Kiwi News: https://news.kiwistand.com/stories/NFT-startup-Rario-founders-to-leave-a-year-after-dollar120-million-funding?index=0x64fb8f57e60d6e2c8d6cf5319766b03810d171331234ac5c5a097dc1c3c9a7c19339991e
Submitted by ebeezy.eth on 2023-09-08 UTC, 1 upvote, 0 comments

## Summary

Rario, the cricket NFT startup, is pushing out its CEO Ankit Wadhwa and CTO Sunny Bhanot, according to people familiar with the matter, as investors including largest backer Dream11 exert greater control. The changes also eliminate many other roles, and the startup is negotiating many of the licensing deals it had signed to cut expenses. The departures follow a $120 million funding round led by Dream11 last year, when the startup was valued at about $250 million in the previous round. Wadhwa, Bhanot and Rario did not respond to requests for comment, and Dream11 declined.

## Article

Founders of Rario, the cricket NFT startup in which India’s Dream11 led a $120 million funding round last year, are leaving the two-year-old firm, people familiar with the matter said.

Ankit Wadhwa, who serves as Rario CEO, and Sunny Bhanot, Rario CTO, are being pushed out as investors at the startup, including largest backer Dream11, exert greater control, the people said, requesting anonymity as the matter is private.

Wadhwa, Bhanot and Rario didn’t respond to a request for comment. Dream11 declined.

As part of a wider set of changes, many other roles at Rario are also being eliminated, the people said. Rario also counts Alpha Wave Global and cricket legend Sachin Tendulkar among its backers.

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, a person familiar with the matter said.

Nonetheless, the changes will surprise many.

Just last year, Rario raised a $120 million funding round and aggressively sought to win rights to sell several cricket NFTs on its platform. It was valued at about $250 million in the previous funding and founders sold some stake as part of it, according to others 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.

Rario currently maintains a number of partnerships, including with Tendulkar, Cricket Australia, IPL franchises Gujarat Titan and Punjab Kings, Abu Dhabi T10, Hero Caribbean Premier League and the Lanka Premier League.

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Manish Singh reported on India’s startup and venture capital ecosystem for TechCrunch from 2019 to 2025. He is now an angel investor and communications advisor to startups. You can follow his writings at IndiaDispatch.com

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