[Funding alert] Cricket NFT platform Rario raises $120 mn Series A funding

Singapore-based Rario, Cricket non-fungible tokens (NFTs) platform has raised $120 million in funding round from Dream Capital, the corporate venture capital and M&A arm of Dream Sports.

The round also saw participation from Alpha Wave Global and existing investors including Animoca Brands, Presight Capital, and Kingsway Capital.

The company said it would use the funds to secure additional rights and build the products.

This is Dream Capital’s first investment in the Web3 space and also the largest ever check in a startup.

This strategic investment will give Rario access to Dream Sports’ 140 million user base.

Founded in 2021 by Sunny Bhanot and Ankit Wadhwa, Rario is a digital collectible platform launched as NFT for cricket fans, which has some of the top cricket moments ranging from player cards, video moments to cricket artworks.

“What this enables for us is exclusive and broadbased access to not just video moment NFTs, but players’ rights as well. Players who are playing for the national teams and domestic tournaments are also part of this ecosystem. Therefore, what you will see with our rights is we have the ability to create utility with several interoperable games. So, the same player cards can be used across various games. I see this as the first instance where the true utility of NFTs will be demonstrated to the whole world”, said, Ankit Wadhwa, Co-founder and CEO of Rario.

“Rario plans to be within the regulatory constraints of whichever geography we operate in. So, we are building for a fiat-only (currency only) environment in India”, he added.

The startup has acquired NFT rights for six international leagues and over 900 international cricketers through its various partnerships.

Most recently, it signed a multi-year exclusive partnership with Cricket Australia and the Australian Cricketers Association to create an Australian cricket metaverse of collectibles and gaming.

Through its platform, Indian sports fans can buy, sell and trade NFTs using credit cards, debit cards and bank transfers.

The platform is trying to create a framework for transactions and purchases of NFTs that is compatible with the current regulatory environment in India.

“We see a compelling and sustainable use case emerging in sports NFTs as a fan engagement tool. Sports fans are now empowered to own their favourite moments and player cards and use them across various utilities. Rario is strategically a strong fit for us and is our largest investment”, said, Dev Bajaj, chief strategy officer of Dream Sports. Since 2021, the company has sold over 50,000 NFTs to buyers in 20 countries and the UK, US, Australia and India are its top selling markets.

About Rario

RARIO was founded with a singular mission – democratizing fandom. They are living in a mobile first world and all their interactions are primarily digital – we play, work, find love, talk, collaborate, buy, sell, help each other online – but fandom is still predominantly offline. RARIO aims to change all that. They are here to make the digital collectible revolution accessible to every fan With RARIO.

The RARIO founding team comprises seasoned serial entrepreneurs with stints across McKinsey, Hindustan Times, Rocket Internet, Google, Helion Advisors Venture Capital, Siemens, PwC Strategy, Strategic Decisions Group, SHELL and educational background including IIT, IIM, and Wharton.