Founders of Rario, the cricket NFT startup, are reportedly leaving the company, according to sources familiar with the matter. Ankit Wadhwa, the CEO of Rario, and Sunny Bhanot, the CTO of Rario, are said to be exiting as investors, including the startup’s largest backer Dream11, increase their control over the company. While neither Wadhwa, Bhanot, nor Rario have responded to requests for comment, Dream11 has declined to provide a statement.
In addition to the departure of the founders, Rario is making other significant changes, including the elimination of many other roles within the company. This restructuring comes as Dream Sports, the parent company of Dream11, is currently focusing on cost-cutting measures. The startup is reportedly renegotiating many of the licensing deals that Rario had previously entered into as a way to reduce expenses.
Though the changes being made at Rario are understandable given the current financial landscape, they are still surprising given the recent success of the company. Just last year, Rario secured a remarkable $120 million in funding and aggressively pursued the rights to sell various cricket NFTs on its platform. It was valued at approximately $250 million during the previous funding round, and the founders even sold a portion of their stake as part of the deal.
However, the popularity of Rario has dwindled in recent quarters as the market for NFTs has become increasingly challenging worldwide. The volume and price of digital assets, including NFTs, have experienced a significant decline due to the sluggish global economy. As a result, Rario’s platform has struggled to maintain its previous levels of success.
Despite these challenges, Rario currently maintains several partnerships with notable organizations such as Cricket Australia, IPL franchises Gujarat Titan and Punjab Kings, Abu Dhabi T10, Hero Caribbean Premier League, and the Lanka Premier League. Additionally, the startup boasts the support of famous cricket legend Sachin Tendulkar and the backing of Alpha Wave Global.
As Rario navigates these changes and adapts to the evolving NFT market, it remains to be seen how the company will perform in the coming months. The departure of the founders and the restructuring of roles indicate a shift in strategy and direction for Rario. Investors, including Dream11, will likely play a more significant role in shaping the future of the company.
While the current market conditions for NFTs may pose challenges, the future of the industry is uncertain. As the global economy recovers and new innovations emerge, the demand for NFTs could once again rise. It is possible that Rario, with its strong partnerships and backing, may be able to capitalize on this resurgence and regain its previous success.
In the meantime, the departure of the founders and the restructuring at Rario serve as a reminder of the ever-evolving nature of the startup landscape. The volatility of the market, combined with the need to adapt to changing consumer preferences, requires businesses to be agile and flexible in their strategies. Despite the setbacks faced by Rario, it is possible that these changes will ultimately position the company for long-term success in the NFT market.
As the story of Rario continues to unfold, industry observers and investors will closely watch how the company navigates these challenges and capitalizes on new opportunities. The success or failure of Rario will not only impact the founders and investors involved but also serve as a reflection of the broader trends within the NFT market. Ultimately, only time will tell what the future holds for Rario and its place in the world of cricket NFTs.
