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NFT platform Rario raises $120 million from Dream Capital

NFT platform Rario raises $120 million from Dream Capital
Photo Credit: 123RF.com
21 Apr, 2022
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Dream Capital, the corporate venture capital and acquisitions arm of Dream Sports Thursday said it has led a $120 million Series A funding round in cricket non-fungible token (NFT) platform Rario. This investment is the largest deal made by Dream Capital so far.

An NFT is a cryptographic asset on a blockchain with unique identification codes and metadata that distinguishes it from others.

According to a statement by Dream Sports, Alpha Wave Global, formerly Falcon Edge Capital, participated in the funding round.

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The investment by Dream Capital will give Rario access to 140 million users of the former and help potentially create the largest cricket NFT platform globally, the statement said.

Singapore-based Rario - founded in 2021 by IIT Delhi alumni Ankit Wadhwa and Sunny Bhanot - helps cricket fans to engage as a community. The fans can own and trade digital collectibles across player cards, video moments and cricket artifacts. The company recently inked a multi-year exclusive partnership with Cricket Australia and the Australian Cricketers Association.

"Use of Web3 in sports is transformational and we are looking to back more start-ups in this space globally with innovative utilities of NFTs," said Dev Bajaj, Chief Strategy Officer, Dream Sports.

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In August 2021, Dream Sports, which owns fantasy sports platform Dream11, made an initial allocation of $250 million for Dream Capital. The evergreen fund is financed from the balancesheet of Dream Sports.

The relatively large corpus of $250 million signalled the maturity of Indian unicorn start-ups that have reached a point to operate their own corporate venture arms or similar vehicles with a sizeable amount.

A unicorn is a privately-held start-up that has a valuation of over $1 billion. 

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Dream Capital aimed to make at least 15 early-stage bets and deploy a significant part of the present corpus in the next 12-24 months, it said in August last year. 

Dream Capital's investments include e-sports platform SoStronk and sports footwear and equipment brand Elevar. It also executed the acquisition of video game developer Rolocule, which has been rebranded as DreamGameStudios.