Sustainable Blockchain Development Startup 5ire becomes India's 105th unicorn with its Series A $100mn round.
Date of Announcement: Friday, July 14, 2022
Investee Startup/Company: 5ire
Funding: $100 Million
Round of Funding: Series A
Investors Participated: Funding was led by UK-based conglomerate SRAM & MRAM
Valuation: ~$1.5 Billion
Post money Dilution: ~6.67%
About 5ire: Founded in August 2021, by Pratik Gauri, Prateek Dwivedi, and Vilma Mattila, 5ire is a Layer 1, Web 3.0 project to build a user-centric, sustainability-driven blockchain ecosystem aligned to the United Nations Sustainable Development Goals (SDGs). Post $100 Million funding, it has become 105th Unicorn in India, 20th of 2022 and claims to be one of the fastest growing unicorns in the world. 5ire is a communal response to finding technological solutions that are communally centred.
Business Model: Leading experts in blockchain technology and human-centered design collaborate with 5ire. Holding various patents 5ire provides an almost risk free ecosystem for users, where third party agents can be avoided including ones for a sustainable blockchain, a framework for smart contract templates, encrypted decentralised file storage, homomorphic encryption, and others. It owns the servers for .Web3, .5ire and multiple other decentralized domain names.
In addition to its blockchain platform, 5ire also manages a venture capital division called 5ire VC and a research and development center called 5ire Labs. Further, it is building its ecosystem featuring an exchange, a wallet, an NFT marketplace, as well as a VC fund to help grow other sustainable blockchain projects building on 5irechain.
Existing Projects:
- 5ire has previously partnered with INTEX and VFS Global to adopt blockchain technology.
- The startup is collaborating with the Nigerian government, the Alliance, Nebraska, US and the government of Nigeria
- In collaboration with Muzaffarnagar Police, 5ire is developing a smart predictive police system and aiming to put all FIRs and employee information on the blockchain.
Company is still in the pre-revenue stage and anticipates beginning to make money in November, 2022 and hit a billion-dollar revenue mark in three years.
From Founders' Desk: Pratik Gauri, the Co-founder, said "Our valuation jump has come from the fact of 12 pending patents that we have and all the other proof of benefit consensus that we've built.. The UK-based conglomerate owns about 800 hospitals and a lot of real estate. So we will also get access to a lot of relationship capital. We are on a mission to embed sustainability into blockchain and shift the current paradigm from ‘for-profit’ to ‘for-benefit'."
Investors' point of view: Sailesh Lachu Hiranandani, chairman of the SRAM & MRAM group said, “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.”
Purpose of Funding:
- Innovating and upgrading the technology.
- Expanding and diversifying the team through recruitment across functions like product and engineering
- Providing a better platform for B2B Blockchain initiatives.
- Expansion of operations across Asia, North America and Europe
Through this funding, 5ire envisions to globally expand and aims to become a blockchain ecosystem for the 5th industrial revolution, thereby giving tough competition to its rivals like Signzy, WazirX, CoinSwitch Kuber, CoinDCX, MindDeft, InstaDapp, KoineArth, Matic Network, Somish and Primechain.
Kindly send us your query at info@taxtellers.com or call/whatsapp us at 7404056789.
