Blockchain platform 5ire becomes India's 105th unicorn startup. Details here

Blockchain platform 5ire has raised $100 million at a valuation of $1.5 billion in a Series A round from UK-based conglomerate SRAM & MRAM Group, making it India’s 105th unicorn and 20th this year.

The firm said the investment made it the fastest-growing blockchain unicorn in India.

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

"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.

The startup’s 70% employees are based out of India. It plans to increase its headcount to 150 from 100 at present.

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The startup was founded by Indian-origin entrepreneurs Pratik Gauri and Prateek Dwivedi along with web3 financier Vilma Mattila in August 2021.

Speaking on the occasion, Dr Sailesh Lachu Hiranandani, Chairman of the SRAM & MRAM group, said, “We have great confidence in moving forward with investments in sustainable technologies. 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. We are assured in the abilities of the leadership team at 5ire and wish them all the very best.”

Pratik Gauri, CEO and Founder of 5ire said, “We are on a mission to embed sustainability into blockchain and shift the current paradigm from ‘for-profit’ to ‘for-benefit’. The 5ire team has worked round-the-clock to develop a platform that combines both technology and processes for the benefit of humankind. 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 and thrilled to find a partner who also wants to promote the transition of the world from the 4th Industrial Revolution to the 5th Industrial Revolution.”

5ire’s had earlier raised $21 million funding in its seed round at a valuation of $110 million last October with participation from both private and institutional investors such as Alphabit, Marshland Capital, Launchpool Labs and Moonrock Capital.