NFT startup Rario loses founders after $120M funding last year: Report

Rario, a Polygon-based platform providing cricket-related nonfungible tokens (NFTs), has apparently seen its creators leaving the company after two years given that launch.Founders of Rario, including Rario CEO Ankit Wadhwa and chief innovation officer Sunny Bhanot, are being pressed out as investors at the start-up to put in greater control over the platform, TechCrunch reported on Sept. 8. Rario CEO Ankit Wadhwa (left) and CTO Sunny Bhanot (right). Source: TechCrunchDream11, a significant Indian fantasy sports platform and the largest backer of Rario, is being ousted as well, according to the report. As part of other restructuring efforts at Rario, a number of functions are also being eliminated, the report said.Apart from Dream11, Rario has some prominent financiers including the international investment firm and cricket legend Sachin Tendulkar. In April 2022, the cricket NFT platform raised $120 million in a Series A financing round, declaring that it had the largest share of cricket NFT rights with 900 cricketers at the time.If verified, the newest changes at Rario come in the middle of Dream11s parent company Dream Sports apparently making efforts to decrease costs at the company. According to TechCrunch, Dream Sports is currently working out much of the licensing deals that Rario had signed to cut the expenses.Related: Google will permit advertisements for NFT video games starting Sept. 15At the time of writing, the reported modifications are not assessed the executives LinkedIn profiles. Rario and Dream11 did not instantly react to Cointelegraphs request for comment.Rario was established in 2021 with a mission to produce digital cricket antiques and assist fans engage as an online community. As of April 2021, the firm stated it sold 50,000 NFTs to sports fans throughout 20 countries.Some of the cricket leagues signed by Rario consist of Cricket Australia, the Australian Cricketers Association, the Caribbean Premier League, thLanka Premier League, and Abu Dhabi T10 League Legends League Cricket.Magazine: NFT collapse and monster egos include in new Murakami exhibit

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