Cricket NFT startup Rario raises $120 million in Series A funding

On Thursday, cricket non-fungible token (NFT) platform Rario announced that it has secured $120 million in Series A funding led by Dream Capital, a venture subsidiary of Dream Sports. As Rario pointed out, Cricket currently owns the largest share of NFT rights through partnerships with six international cricket leagues and a roster of over 900 cricketers.

Dream Sports is a sports technology company based in India with over 140 million users. Through this partnership, Rario can potentially increase its exposure to a much larger audience.

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Raario is a Singapore-based company that was founded in 2021 by Ankit Wadhwa and Sunny Bhanot, alumnus of the Indian Institute of Technology Delhi. The firm has sold 50,000 NFTs on a cumulative basis to sports fans from 20 countries. Commenting on the possible tie-up with Dream Sports, Wadhwa said:

“Cricket is the second biggest sport in the world, with over 1.5 billion fans globally. NFTs are creating new forms of engagement, allowing fans to own and trade digital collectibles. Rerio’s global cricket NFT ecosystem will be further strengthened by 140 million games. Dream Sports fans.”

Notable cricket leagues include Rario has signed to Cricket Australia, Australian Cricketers’ Association, Caribbean Premier League, Lanka Premier League and Abu Dhabi T10 League Legends League Cricket. Its NFT platform is based on Polygon (MATIC), and players can buy and sell cards of cricket players as they wish. However, transactions are settled in United States dollars through credit cards, debit cards and bank accounts with a 5% fee on the sale of NFT cards.

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