Blockchain Startup 5ire Becomes India’s 105th Unicorn

As the 20th unicorn this year and the 105th in India, a new blockchain startup 5ire revealed that it has secured $100 million in Series A funding from UK firm SRAM & MRAM.

The company claimed that with a $1.5 billion valuation the investment had made it India’s fastest-growing unicorn blockchain company.

The money would be used by 5ire to grow the company and spread its reach across Asia, North America, and Europe. India will serve as its operational center and primary area of concentration. The goal of 5ire is to hire top industry talent for roles like product and engineering.

Pratik Gauri, chief executive officer and founder of 5ire, stated, “We are on a mission to embed sustainability within a blockchain.

Gauri and Prateek Dwivedi, along with web3 financier Vilma Mattila, formed the startup in August 2021. 5ire has previously secured $21 million in its seed round from Alphabit, Marshland Capital, Launchpool Labs, and Moonrock Capital with a valuation of $110 million.

 As per Sailesh Lachu Hiranandani the chairman of the SRAM & MRAM Group, “5ire is committed to developing solutions for the 17 UN Sustainable Development Goals. As a scientist, I have always believed in finding better ways to accomplish things”

The biggest cryptocurrency exchange in India, CoinSwitch Kuber, attained unicorn status in October of last year due to an investment round led by Andreessen Horowitz and Coinbase Ventures. CoinSwitch Kuber, which takes its name from the deity of prosperity, completed a $260 million Series C investment round. Sequoia Capital India and Tiger Global, who are already investors also took part. The valuation of CoinSwitch jumped to $1.9 billion, surpassing CoinDCX, the other crypto unicorn in India, which had disclosed a valuation of $1.1 billion in August of last year.

According to consultancy firm PwC, a cryptocurrency is a medium of exchange similar to the US dollar, except it is digital and uses encryption techniques to regulate the formation of monetary units and to confirm the transfer of funds.