https://entrackr.com/2023/09/rario-burns-through-120-mn-in-15-months-future-looks-uncertain/
Tell me no corruption was involved in this ;)
Burnt through 60-70 crores per month (average) with 70 employees. Put the best combustion engines to shame.
VC ko pakdo isme
Probably hired fresh college grads as PMs and paid shit to to crypto bro influencers. Still can't believe they burnt 120mil. But what more can you expect from a NFT startup. Nft was a scam from day 1.
Does anyone know about that other company in this space Fancraze. Same story?
Alpha wave - the recent additions (last 3 yrs) portfolio companies are doing really bad. They did bring some new management and some exclusive useless consultant who has been giving the wrong guidance to these companies. It’s of course the founders mistake to not see the reality or have logical business sense, but, from the time this new management/consultants have come onboard post alpha’s rebrand from FalconEdge, the portfolio companies have been seeing a steady drop.
Not completely sure how deep their team in India is It feels a bit like Tiger, they've invested in models that have a track record of going awry
Not sure how it works :/
Industry insider here. The $120 Mn, majority from dream11 was not liquid money invested in the company. It was structured as bulk of it would be used to buy NFT rights in future. Some 10% of it was liquid cash invested in the company.
Don't think it bought any NFT rights this year. So they would not have burnt more than 10-15 Mn.
