Blockchain start-up 5ire is the latest one to join the unicorn club. It has received $100 million funding from UK-based conglomerate SRAM & MRAM to become the 105th unicorn in India.
5ire was founded by Indian-origin entrepreneurs, Pratik Gauri and Prateek Dwivedi, along with web3 financier Vilma Mattila, in August 2021.
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, the start-up said in a statement.
5ire will continue to invest in strengthening its blockchain further, and it aims to hire talent in the industry across functions like product, engineering and marketing.
The start-up had 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 other investors.
5ire is a blockchain ecosystem that brings forth Sustainability, Technology & Innovation to build the 5th industrial revolution (5IR), it said.