Blockchain Startup 5ire has attracted $100 Million from the UK-based conglomerate SRAM & MRAM Group turning it into the 105th unicorn in India and the 20th this year. 5ire has a valuation of $1.5 billion.
The company claims, it is now India’s fastest-growing unicorn blockchain company.
The fresh round of funding raised will be utilised to grow the company and spread 5ire’s presence across three continents, including Asia, North America, and Europe, with India serving as the operational centre and primary area of concentration.
“5ire will continue to invest in strengthening its blockchain further and work towards ensuring this decentralised technology benefits a larger base globally,” it said in a statement.
Startup 5ire plans to increase its headcount from 100 to 150
“Our valuation jump has come from the fact of 12 pending patents that we have and all the other proof of benefit consensus that we’ve built.. The UK-based conglomerate own about 800 hospitals a lot of real estates. So we will also get access to a lot of relationship capital,” said 5ire cofounder Gauri.
The company was founded in August last year, by Pratik Gauri, Prateek Dwivedi, and Vilma Mattila. 5ire had earlier raised a funding of $21 million in its seed round at a valuation of $110 million in October last year, with participation from both private and institutional investors like, Marshland Capital, Launchpool Labs, Moonrock Capital, and other investors.
The startup’s 70% employees are based out of India. It plans to increase its headcount to 150 from 100 at present.
The 5ire was founded by Indian-origin entrepreneurs Pratik Gauri and Prateek Dwivedi along with web3 financier Vilma Mattila in August 2021.
5ire aims to become a blockchain ecosystem for the 5th industrial revolution, where self-sovereign decentralized organizations are empowered & incentivized toward accelerating the implementation of the United Nations 2030 Agenda for Sustainable Development.