Rario raises $120 million

Cricket-focused non-fungible tokens (NFTs) platform Rario has raised $120 million in a recent fundraising round. This round of funding was led by Dream Capital. Dream Capital is the investment and mergers and acquisitions (M&A) branch of Dream Sports. Dream Sports is the parent company of the popular Indian fantasy sports platform Dream 11. This strategic partnership will give Rario access to the 140 million user base of Dream Sports and its subsidiaries Dream11, DreamSetGo, and KheloMore. This funding round also witnessed the participation of Alpha Wave Global. Animoca Brands, Presight Capital, and Kingsway Capital are also investors in the company.

After the investment, Ankit Wadhwa, cofounder and chief executive officer (CEO) of Rario, said, “Cricket is the 2nd largest sport in the world with more than 1.5 bn [billion] fans globally. NFTs are creating new forms of engagement allowing fans to own and trade digital collectibles. Rario’s global cricket NFT ecosystem will be further strengthened by the 140M [million] sports fans on Dream Sports.” Rario was founded by Ankit Wadhwa and Sunny Bhanot in the year 2021. Both of them are the Indian Institute of Technology (IIT), Delhi alumni. The company claims to have the largest share of cricket NFT rights around the world through exclusive partnerships with 6 international cricket leagues and a roster of over 900 cricketers.