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NFT based platform Rario raises a $120 million Series A funding

As per the company, the investment will provide Rario with an access to 140 million user base of Dream Sports

Rario is a digital collectibles platform for cricket fans.
Rario is a digital collectibles platform for cricket fans.

Cricket based NFT platform Rario announced its $120 million Series A funding round led by Dream Capital, the corporate venture capital and M&A wing of Dream Sports. The round also saw participation from Alpha Wave Global. The company has now become a part of Rario’s existing investors Animoca Brands, Presight Capital, and Kingsway Capital. 

Rario claims to own the largest share of global cricket Non Fungible Token (NFT) rights via exclusive partnerships. They also claim to have an association with six international cricket leagues and over 900 cricketers. As per the company, Dream Capital’s investment will provide Rario with an access to Dream Sports’ 140 million users, and will be given FIAT based products in India for being able to create an NFT based cricket platform worldwide. 

Cricket is the sport with around 1.5 billion fans globally, Ankit Wadhwa, co-founder and chief executive officer, Rario, said. “NFTs are creating forms of engagement allowing fans to own and trade digital collectibles. Rario’s global cricket NFT ecosystem will further have 140 million sports fans on Dream Sports,” he added.

Rario aims to give fans a platform to engage as a community by giving them a chance to own a piece of cricket history via digital collectibles such as player cards, video moments, and cricket artefacts. Through Rario, Indian fans can buy, sell, and trade NFTs via FIAT based mediums such as credit cards, debit cards, and bank transfers. Since 2021, Rario claims to have sold over 50,000 NFTs to sports fans across 20 countries including United States of America, United Kingdom, Australia and India.

DreamCap’s partnership with Rario will aim to help sports fans engage deeper with their favourite players and teams, Dev Bajaj, chief strategy officer, Dream Sports, said.”Web3 uses cases in sports, and we are looking to back more startups in the global space with utilities of NFTs,” he elaborated.

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