Rario, an NFT platform, is in talks with Dream Capital for a $100 million fundraising round.


According to three people familiar with the situation, Dream Capital, the corporate venture capital arm of Dream Sports, is in advanced talks to lead a $100 million fundraising round for cricket-focused non-fungible token (NFT) firm Rario.

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.

Rario was created in 2021 by Sunny Bhanot and Ankit Wadhwa during the global rise in NFTs and cryptocurrency. Last year, it raised an undisclosed 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 the ability to build digital player cards, such as trump cards, that might be linked to games and applications.

According to one source, “the investment will allow Dream Sports to establish utilities based on the rights Rario has bought.”

Sources say Rario and Dream Sports are looking into future collaborations.

“We don’t comment on speculation,” a Dream Sports spokeswoman stated, while Rario declined to comment.

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 become 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 platforms: Dream11, DreamX sports accelerator, and DreamSetGo experiential vacation enterprise.

Dream Sports was valued at $8 billion after raising $840 million in November from new and existing investors such as Falcon Edge, DST Global, D1 Capital, Tiger Global, and Redbird Capital. TPG and Footpath Ventures were the other investors in the round.

Dream Sports will be entering the Web3 and NFT arenas in a significant manner, and we’re seeking people with whom we can grow the entire NFT sector in India together, “Harsh Jain, cofounder and CEO of Dream11 and Dream Sports,” said at a virtual press conference.

“We discovered that sports fans all over the world value rapid pleasure, low time investment, and the possibility for excellent sports interaction,” he continued.

According to Jain, NFTs can help solve a frequent challenge encountered by digitally connected sports fans: how to engage deeply with sports while also winning big in skill games.

He noted that NFT utility games can assist in the transition from play-to-win to play-to-earn games for skill models.

Rario is attempting to replicate the success of SoftBank-backed Sorare, a fantasy game NFT platform in which participants can purchase, sell, trade, and manage a virtual team using digital player cards.

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