Rario, a Dream11-backed NFT startup, has been in the news of late. In the latest development, a shocking statement has come out in the public. Rario’s founders Ankit Wadhwa (CEO) and Sunny Bhanot (CTO) are reported to leave the company from their respective roles.
The move is a part of investors’ strategic decisions, a close official aware of the matter said. Apart from Dream11, prominent names like former cricketer Sachin Tendulkar and Alpha Wave Global are among Rario’s investors. Further information regarding Wadhwa and Bhanot’s exit are expected soon.
According to TechCrunch, the current investors have sought a better engagement in the startup. Thus, it is speculated that the founders are making an exit. However, it is unsure whether Wadhwa and Bhanot are only selling off their stakes, or leaving the firm completely.
Rario facing difficulties amid NFT industry’s slowdown
Notably, Rario has been involved in a series of court cases in the recent past. Recently, another NFT platform, Striker, faced legal challenges from Rario over rights to NFT properties. The Delhi High Court, however, ruled out Rario’s claim of having exclusive rights to in-game NFC titles.
This year, in April, the Consumer Online Foundation requested to investigate Rario over violation of crypto-related tax regulations. Reportedly, the firm also secured an investment round of $120 million at a valuation of $250 million back in 2022.
Speaking more of the company’s latest move, its investors have sought a higher degree of control over operations. Thus, now it is assumed that the investors will bring new officials to take over the positions of the deceased. The move also comes amid an economic slowdown in the NFT industry globally.
The company has strong partnerships with Cricket Australia, Abu Dhabi T10 League, Lanka Premier League, Caribbean Premier League. Although Rario does not have any ties with the BCCI, it has partnered with the IPL franchises Gujarat Titans and Punjab Kings. Now, the future of the company remains ambiguous amid a supposed change in managerial positions.