Rario receives $120 million in Series A funding round led by Dream Capital

Ankit Wadhwa, Co-Founder & Chief Executive Officer, Rario

Rario, creators of the world’s first cricket NFT platform, announced a $120m Series A funding round led by Dream Capital, the Corporate Venture Capital and M&A arm of Dream Sports.

What is Rario’s market reach?

Rario currently has the largest share of cricket NFT rights through exclusive partnerships with 6 international cricket leagues and a roster of 900+ cricketers. With Dream Capital’s investment, Rario gets access to Dream Sports’ 140 Million users, who will be offered FIAT-only products in India, with the potential to create the largest cricket NFT platform globally.

Alpha Wave Global (previously Falcon Edge Capital) also participated in the round, and joins investors Animoca Brands (Web3 gaming), Presight Capital, and Kingsway Capital.

The Singapore-based company, founded in 2021 by IIT Delhi alumni Ankit Wadhwa and Sunny Bhanot, has recently signed one of the world’s largest cricket NFT deals; a multi-year exclusive partnership with Cricket Australia and the Australian Cricketers’ Association to create an Australian cricket metaverse of collectibles and gaming.

Rario enables fans to engage as a community, giving them a chance to own a piece of cricket history through digital collectibles across player cards, video moments, and cricket artifacts.

Through Rario, Indian sports fans can buy, sell, and trade NFTs through FIAT-only mediums – credit cards, debit cards, and bank transfers. Since 2021, Rario has sold over 50,000 NFTs to sports fans across 20 countries with the USA, UK, Australia, and India as its top 4 markets.

What is Dream Capital’s industry expertise?

Dream Capital was incepted in 2020 to empower startups by following a multi-stage investment strategy ranging from $1m-$100m ticket sizes, with a key focus on core sectors of Dream Sports such as sports, gaming, and fitness-tech. With Rario, Dream Capital’s portfolio grows to 9 companies and marks the foray of Dream Sports into the Web3 space.

This is currently the largest investment by DreamCap, and also the single largest investment in the cricket NFT space globally. Commenting on this, Ankit Wadhwa, Co-Founder & CEO, Rario, said, “Cricket is the 2nd largest sport in the world with more than 1.5bn fans globally.”

“NFTs are creating new forms of engagement allowing fans to own and trade collectibles. Rario’s cricket NFT ecosystem will be further strengthened by the 140 million sports fans.”

Speaking on the investment, Dev Bajaj, CSO, Dream Sports, said,“DreamCap is glad to partner with Rario to help sports fans engage deeper with their favorite players and teams.”

“Web3 use cases in sports are transformational, and we are looking to back more startups in the space globally with innovative utilities of NFTs,” Bajaj further commented.