According to Cointelegraph, the founders of Rario, a Polygon-based platform issuing cricket-related nonfungible tokens (NFTs), are reportedly leaving the firm after two years since its launch. Rario CEO Ankit Wadhwa and chief technology officer Sunny Bhanot are among those being pushed out as investors at the startup seek to exert greater control over the platform.
Dream11, a major Indian fantasy sports platform and the largest backer of Rario, is also being ousted, according to the report. As part of other restructuring efforts at Rario, a number of roles are being removed. Rario has prominent investors, including global investment company and cricket legend Sachin Tendulkar. In April 2022, the cricket NFT platform raised $120 million in a Series A funding round, claiming that it had the largest share of cricket NFT rights with 900 cricketers at the time.
The latest changes at Rario come amid Dream11âs parent firm Dream Sports reportedly making efforts to reduce costs at the company. According to TechCrunch, Dream Sports is currently negotiating many of the licensing deals that Rario had signed to cut expenses. At the time of writing, the reported changes are not reflected on the executivesâ LinkedIn profiles. Rario and Dream11 did not immediately respond to Cointelegraphâs request for comment.