Rario, an NFT platform, is in negotiations with Dream Capital for a $100 million fundraising round
- ByStartupStory | February 25, 2022
Dream Capital, the corporate venture capital arm of Dream Sports, is in advanced discussions to lead a $100 million fundraising round in Rario, a cricket-focused non-fungible token (NFT) business.
If the acquisition goes through, it will be one of India’s largest NFT investments and Dream Capital’s first foray into the Web3 area.
Sunny Bhanot and Ankit Wadhwa created Rario in 2021, during the global rise in NFTs and cryptocurrencies. Last year, it raised an unknown amount from investors such as Presight Capital and Kingsway Capital. Through its different collaborations, the platform has secured NFT rights for five international leagues and around 600 international cricketers. The rights provide Rario with the ability to build digital player cards, such as trump cards, that might be linked to games and applications.
The sources say Rario and Dream Sports are looking into future collaborations.
Rario has attracted consumers from 19 different nations since its beginning. On its platform, it has so far minted and sold 50,000 NFTs.
In August of last year, Dream Sports, the parent company of online fantasy gaming startup Dream11, established a venture arm with a $250 million corpus in an attempt to create a sports technology empire.
It has so far invested in 12 firms, including a $50 million investment in FanCode, a content and commerce platform it fostered. Dream Sports has 140 million users across its Dream11, DreamX sports accelerator, and DreamSetGo experiential vacation enterprise.
After raising $840 million in November from new and current investors such as Falcon Edge, DST Global, D1 Capital, Tiger Global, and Redbird Capital, Dream Sports was valued at $8 billion. TPG and Footpath Ventures were other investors in the round.
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