HomeStartupRario spent Rs 15.4 to earn a rupee in FY23

Rario spent Rs 15.4 to earn a rupee in FY23

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NFT startup Rario founders to leave a year after $120 million funding |  TechCrunch
  1. Cricket NFT platform Rario faced substantial financial losses, spending around Rs 600 crore to earn only Rs 39 crore in the fiscal year ending March 2023.
  2. The company wrote off NFTs valued at Rs 458 crore during the same fiscal year, which accounted for a significant portion of its expenses.
  3. Rario’s revenue from selling digital collectibles (NFTs) surged from Rs 1.31 crore in FY22 to Rs 38.87 crore in FY23, detailed in annual financial statements filed in Singapore.
  4. Expenses in FY23 amounted to Rs 599 crore, including significant costs for employee benefits, amortization of intangible assets, impairment of assets, advertising, and more.
  5. The company reported losses of Rs 560 crore in FY23, compared to Rs 47.17 crore in FY22, resulting in negative EBITDA margins (-1371%) and a challenging ROCE (-86%).
  6. Founded in 2021 by Ankit Wadhwa and Sunny Bhanot, Rario witnessed a re-launch of its marketplace in December 2022 after abruptly halting operations in March the previous year. The company faced turmoil with the exit of its co-founders and subsequent control shift to investors, leading to workforce reductions.
SourceEntrackr

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