Valued at $1.5 billion, blockchain startup 5ire enters the unicorn club

The startup raised $100 million Series A funding by a UK-based conglomerate

Blockchain startup 5ire is the new entrant to the list of unicorns. The startup said that it has raised $100 million in Series A funding from a Uk-based conglomerate SRAM & MRAM. This makes 5ire the 105th unicorn in India and the 20th to the list this year.

According to a Business Standard report, the firm said that the funding has pushed it to be the fastest-growing blockchain unicorn in India, valued at $1.5 billion.

“We are on a mission to embed sustainability into blockchain,” the publication quoted Pratik Gauri, chief executive officer and founder of 5ire as saying.

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The publication stated that while 5ire aims to expand its reach across Asia, North America and Europe, India remains its core area of focus as the company wants to make it the hub of its operations. The company also has plans to hire new talents, the report said.

5ire had earlier raised $21 million in its seed round at a valuation of $110 million with involvement from Alphabit, Marshland Capital, Launchpool Labs, and Moonrock Capital.

Expressing his belief in the organisation, chairman of the SRAM &MRAM group, Sailesh Lachu Hirnanandani told the publication, “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 Sustainable Development Goals.”

Last year in October, CoinSwitch Kuber achieved unicorn status in a funding round led by Andreessen Horowitz and Coinbase Ventures, the report said.