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Saturday, October 08 2022

5ire raises $100 mn, becomes 105th unicorn in India

5ire raises 100 mn becomes 105th unicorn in India
Photo Credit : IANS

New Delhi: Blockchain startup 5ire on Friday said it has raised $100 million in Series A funding from UK-based conglomerate SRAM & MRAM, taking its valuation to $1.5 billion and becoming a new unicorn in the country. 5ire was founded by Indian-origin entrepreneurs, Pratik Gauri and Prateek Dwivedi, along with web3 financier Vilma Mattila, in August 2021.

With this funding, 5ire has become the 105th unicorn in the country, and 20th this year.

The company said that the funds raised will be utilised for business expansion and extending 5ire’s footprint across Asia, North America and Europe, with India as the hub of operations and core area of focus.

“Becoming the world’s first and only sustainable unicorn born out of India, in just 11 months, is testimony that we are on the right path. We are humbled by the trust shown in 5ire by the SRAM & MRAM group,” said Gauri, CEO and Founder of 5ire.

5ire will continue to invest in strengthening its blockchain further and work towards ensuring this decentralised technology benefits a larger base globally. Additionally, 5ire aims to hire the best talent in the industry across functions like product, engineering, marketing etc.

5ire earlier raised a funding of $21 million in its seed round at a valuation of $110 million with participation from both private and institutional investors like Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital, among others.

“As a scientist, I have always believed in finding better ways to do things, and 5ire is committed to finding solutions for the 17 UN Sustainability Development Goals (SDGs),” said Dr Sailesh Lachu Hiranandani, Chairman of the SRAM & MRAM group.

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