Rario, a platform on the Polygon blockchain specializing in cricket-related nonfungible tokens (NFTs), is experiencing significant leadership changes. Co-founders Ankit Wadhwa, the CEO, and Sunny Bhanot, the chief technology officer, are stepping down from their positions. This shift in leadership is reportedly due to increased control being assumed by the startup’s investors.
Major Investor Dream11 Also Ousted
In addition to the departure of Rario’s founders, Dream11, a prominent Indian fantasy sports platform and one of Rario’s largest backers, is also being removed from its involvement with the company. This move is part of a broader restructuring effort that includes the elimination of several roles within the organization.
Rario boasts a diverse group of investors, with support from Alpha Wave Global, a global investment company, and cricket legend Sachin Tendulkar. In April 2022, the platform secured $120 million in a Series A funding round. At that time, Rario claimed to have the largest share of cricket NFT rights, with contracts with 900 cricketers.
Background on the Shake-Up
This shake-up at Rario coincides with reported efforts by Dream Sports, the parent company of Dream11, to reduce costs within the organization. To achieve this, Dream Sports is said to be renegotiating many of the licensing agreements that Rario had previously entered into, in an effort to cut expenses.
As of now, the reported changes in leadership and restructuring have not been reflected on the executives’ LinkedIn profiles. Neither Rario nor Dream11 have provided immediate comments in response to inquiries.
Rario’s Mission and Achievements
Founded in 2021, Rario’s mission was to create digital cricket collectibles and foster an online community for cricket fans. By April 2021, the platform claimed to have sold 50,000 NFTs to sports enthusiasts spanning 20 countries. Rario had secured partnerships with prominent cricket leagues including Cricket Australia, the Australian Cricketers’ Association, the Caribbean Premier League, the Lanka Premier League, and the Abu Dhabi T10 League Legends League Cricket.
This leadership transition marks a significant development in the evolving landscape of NFT platforms and their partnerships with major investors.