Cricket NFT platform Rario's two founders may have been "terminated," having raised $120 million in funding last year

ChainCatcher news, according to TechCrunch citing informed sources, the two founders of the cricket NFT platform Rario may be "kicked out of the company." The sources stated that Rario CEO Ankit Wadhwa and Rario CTO Sunny Bhanot were ousted due to investors, including major backer Dream11 (Dream Capital), gaining greater control. The two founders have not yet responded to requests for comment, and Dream11 declined to comment.

Additionally, Rario has been reported to have multiple positions canceled. Dream11's parent company, Dream Sports, is actively considering cost-cutting measures. An informed source indicated that the startup is negotiating many licensing agreements signed by Rario to reduce expenses.

According to RootData, Rario completed a $120 million funding round last April. Other informed sources revealed that in previous funding rounds, the company's valuation was approximately $250 million, and the founders sold part of their shares as part of it.