Rario, a cricket-focused non-fungible token (NFT) company, is in talks to raise $100 million in its next funding round.
The NFT startup is reportedly in talks with Dream Capital, the venture arm of US-based Dream Sports, the parent company of Dream11, which will lead the $100 million funding round.
Co-founded by Sunny Bhanot and Ankit Wadhwa in 2021, Rario is a licensed digital collectibles platform for cricket that enables fans to buy, sell, and trade cricket NFTs.
Since its inception, the startup has sold 50,000 NFTs on its platform and has rights to five international leagues with buyers from 19 different countries across the globe.
Besides trading, Rario’s marketplace allows fans to manage a virtual team with digital player cards. Currently, the company has partnerships with more than 550 international cricketers, which allows it to create player cards and link to apps and other games.
If Rario completes the deal with Dream Capital, it will become the largest company in the cricket NFT market.
Dream Sports has already a user base of over 100 million across Dream 11 and other platforms, and even if Rario converts only 25 percent of the users to their platform, then it will definitely outrun its competitors in the cricket NFT market.
The nearest competitor of Rario is Owens Market, which also offers cricket NFT cards and has been seeing steady growth for some time.