NFT platform Rario’s FY23 losses widen more than ten-fold to Rs 560 crore
Rario, a cricket-focused non-fungible tokens (NFTs) platform, reported an over ten-fold increase in losses to Rs 560 crore in the fiscal year ending March 2023, partly due to a write-off of intangible assets amounting to Rs 458 crore related to its NFTs. In FY22, the firm had incurred a loss of Rs 47 crore.
Backed by real money gaming firm Dream Sports, Rario’s operating revenue grew to Rs 39 crore in FY23, compared to Rs 1 crore a year earlier, according to filings made by the firm’s holding entity Digital Collectibles based in Singapore.
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Offering CollegeCourseWebsiteIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitIIM KozhikodeIIMK Senior Management ProgrammeVisitRario’s total expenses jumped over 12 times to reach Rs 599 crore in FY23. The largest chunk of these expenses was attributed to a write off of intangible assets through amortisation and impairment, amounting to Rs 458 crore.
This was likely related to the firm’s NFTs, often regarded as intangible assets. Other noteworthy expenses included employee benefit expenses, professional fees and advertising.
In April 2022, the platform raised $120 million in a funding round led by Dream Capital, the venture capital arm of Dream Sports. However, in September 2023, the firm saw the exit of founders Ankit Wadhwa and Sunny Bhanno as a global downturn in crypto assets severely impacted the company.
The startup has been in a legal battle with Dream Sports’ competitor and Mobile Premier League’s unit Striker, which had introduced a similar platform. Striker used caricatures created by independent artists
