5ire was founded in August 2021, and after just one year, it has become the 105th unicorn in the country and the 20th this year. 5ire has now joined companies like Deal Share, Drawinbox, Xpressbees, and Mamaearth which has turned unicorn this year.
5ire becomes the 105th unicorn in the country (Picture Credits - Twitter)
Indian-based entrepreneurs Pratik Gauri, Prateek Dwivedi, and web3 financier Vilma Mattila’s startup 5ire has become the country’s new Unicorn. As of Friday, the blockchain startup 5ire has raised 100 million in Series A funding from UK-based conglomerate SRAM & MRAM, which now makes 5ire valuation of $1.5 billion.
5ire was founded in August 2021, and after just one year, it has become the 105th unicorn in the country and the 20th this year. 5ire has now joined companies like Deal Share, Drawinbox, Xpressbees, and Mamaearth which has turned unicorn this year.
As a parent company of many of other subsidiaries, 5ire said that the funds raised will be utilized 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.The Blockchain company works on 5th generation blockchain system.
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“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 decentralized 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, and Moonrock Capital, among others.
(Inputs from ANI)
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