The latest news from Rario says there has been a major administrative shake-up in the company. After receiving $120 million in funding last year, Rario has lost its founders, Sunny Bhanot, the Chief Technology Officer, and Ankit Wadhwa, the CEO, in an unexpected turn of events.
The announcement has shocked the cryptocurrencies and NFT community, prompting concerns about the company’s survival and the viability of NFT-related businesses. Rario debuted in April 2022 after completing a successful $120 million Series A investment round. At the time, the business claimed to represent more than 900 cricketers globally and held the highest proportion of cricket NFT rights.
According to recent reports by Cointelegraph, the company’s management has had a big shake-up. The reasons for their departure are unknown; reports indicate that internal tensions and differences over the company’s strategic direction may have been factors.
Top investors, whale from the bitcoin and sports industries, are worried by this development. Many are left to ponder whether Rario can survive without Sunny Bhanot and Ankit Wadhwa in charge. Telex.si has reported that the reason for the dismissal is in connection with ongoing restructuring in the company, which has made most workers lose their positions.
Ankit Wadhwa And Sunny Bhanot Departure Blamed On Bad Financial Decisions
An internal report says that Dream11 parent company, Dream Sports is experiencing financial pressure. A greater emphasis has been placed on simplifying its portfolio and guaranteeing long-term survival. This has given rise to rumors that the founders’ departure from Rario may be connected to these more general attempts to reduce costs.
The NFT market has started experiencing some instability lately. According to an investigative report from TechCrunch, the company (Dream Sports) is reviewing all the license deals Rario has signed to cut costs. TechCrunch, on the other hand, has reported that the duo was ousted from the company because of attempts by the company’s top investors to gain more control over the company.
However, a background check into the operations of the Rario reveals that after the company’s creation in 2021, with the original aim of creating visual cricket collectibles, they have sold over 50,000 NFTs since April 2021, with a strong fan base scattered over 20 different countries. It was also said that the company made their first big investment in the Web3 sector, through it’s Dream Capital back in 2022.
Information gathered on the league list signed by Rario includes Abu Dhabi T10 League Legends League Cricket, the Lanka Premier League, the Australian Cricketers’ Association, and the Lanka Premier League. Both Dream11 and Rario are yet to formally respond to this latest development, as the company’s LinkedIn profile has remained unchanged.
