India’s 105th is here; the Blockchain platform 5ire has recently entered the Unicorn club. 5ire is an 11-month-old startup which raised $100 million in a Series A round of funding. 5ire is founded by Indian-origin entrepreneurs Prateek Dwivedi, Pratik Gauri and Web3 financier Vilma Mattila. This new entrant is the 20th unicorn of the year.
The investor is a UK-based SRAM & MRAM Group, founded by Dr Sailesh Lachu Hiranandani, a visionary with a steadfast background in Financial and Risk management in Hedge Funds and Forex Management.
With the Series A funding, the Blockchain firm 5ire has become the fastest-growing blockchain unicorn in India. According to the founders of the 5ire, the funds will be used 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.
“5ire will continue to invest in strengthening its blockchain further and work towards ensuring this decentralised technology benefits a larger base globally,” the 5ire team said in a statement. “We are on a mission to embed sustainability into the blockchain,” said Pratik Gauri, founder of 5ire.
70% of employees of 5ire are based out of India and it is planning to increase its strength to 150 from 100 at present.
Blockchain is an emerging technology that involves open, distributed ledgers. The ledger records transactions and tracks assets/possessions (for example -Cryptocurrency) in a business network between two or more parties efficiently chronologically.