120 million USD gone in 15 months

https://entrackr.com/2023/09/rario-burns-through-120-mn-in-15-months-future-looks-uncertain/

Tell me no corruption was involved in this ;)

15mo ago

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MagicalQuokka

Stealth15mo

Burnt through 60-70 crores per month (average) with 70 employees. Put the best combustion engines to shame.

ZestyDonut

Stealth15mo

VC ko pakdo isme

GroovyBoba

X (formerly Twitter)15mo

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.

SqueakyWalrus

Stealth15mo

Does anyone know about that other company in this space Fancraze. Same story?

MagicalBurrito

Dunzo15mo

I’ve a same question about Striker. Rario was also involved in a court case with them.

SqueakyWalrus

Stealth15mo

With Striker or Fancraze? I hear that Fancraze founders was running parallel companies and kept his other company investors in the dark

ZestyPenguin

Stealth15mo

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.

DerpyPotato

Stealth15mo

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 :/

SwirlyBoba

Stealth15mo

How is burning 8 M a month possible in India for a company of this size ? Were they delivering coffee to desks using drones ?

QuirkyNugget

Stealth15mo

Bro why the hate towards zepto 🤣

DerpyJellybean

Arkim15mo

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.