Dream11-backed Rario's reverse sweep: Product shutdown plans abandoned

Rario plans to allow users to use their cards to play and trade on their marketplace

Rario, the cricket non-fungible platform (NFT) platform backed by Dream11 parent Dream Sports, appears to have reversed its stance to shut down the product amid criticism from users who had experienced losses from their investments.

"We will be continuing with Rario's current rewards program, allowing you to use your cards to play and trade on our marketplace, and win prizes," the company said in a statement. It also stated plans to launch new prizes for the upcoming Indian T20 League and World Cup.

This move comes a week after Rario announced that it will be shutting down its current product on January 29, 2024 and had stated plans of launching a new platform in March 2024 that will enable users to play new and 'engaging' cricket-based games.

The move had caused an outcry among users since the startup had said that the current Rario cards will not be usable in the upcoming gaming platform. Subsequently, Rario had said that they are working with various stakeholders to implement a plan to compensate users for any such losses.

Moneycontrol has learnt that the startup is now planning to bring these new features to the existing platform itself.

These developments come months after Rario founders Ankit Wadhwa and Sunny Bhanot left the company. Rario CFO Priyesh Karia is currently leading the team as its interim CEO, Moneycontrol has learnt.