Despite a significant funding round last year, NFT startup Rario has allegedly witnessed the departure of its founders. The unusual circumstances underpinning the management shakeup have raised questions regarding the sustainability and future trajectory of the blossoming start-up.
Rario, a platform dedicated to the dispersal of cricket-related non-fungible tokens (NFTs), secured $120 million in a Series A funding round last year. With a mission to choreograph digital cricket collectibles and foster an enthusiastic online community, the platform held a substantial portion of cricket NFT rights, encompassing 900 cricketers. It even boasted the backing of international cricket icon Sachin Tendulkar.
Nevertheless, cracks are seemingly beginning to appear in the up-and-coming firm’s facade. A report by TechCrunch on September 8 outlined the departure of both the CEO, Ankit Wadhwa, and the chief technology officer, Sunny Bhanot. While the exact reasons for the sudden exits remain relatively clandestine, rumors suggest investors are asserting greater control over operations.
Adding another layer of intrigue, Dream11, an Indian fantasy sports platform and the startup’s principal backer, has also been jettisoned. Alongside these modifications, a spate of roles are also being eradicated as part of a broader structural overhaul of the organization.
These surprising adjustments at Rario coincide with Dream11’s parent company Dream Sports’ alleged efforts to curtail expenditure. According to sources, Dream Sports is currently navigating several licenses which could impact Rario’s future dealings.
It bears mentioning that the recent changes are not yet reflected on the executives’ LinkedIn profiles, and neither Rario nor Dream11 have yet to comment on the situation. Nonetheless, these events have potentially highlighted investor influence over company control and the precarious position of startups in the unpredictable world of digital currency. While it’s too early to draw definitive conclusions, the unfolding narrative at Rario underlines the hurdles new ventures may face, even in the light of substantial financial backing. This dilemma therefore raises the question: Is hefty financial backing the only lifeline for nascent firms, or does true survival lie in strategic, sustained maneuvers in a field as volatile and tumultuous as the cryptocurrency realm?
Source: Cointelegraph
