When other businesses face layoffs, India’s “first and only sustainable unicorn born out of India” has attracted significant capital.
Following a $100 million Series A fundraising round with a $1.5 billion valuation, blockchain firm 5ire has quickly become India’s newest blockchain unicorn.
According to a statement on Friday, the self-described fifth generation “sustainable” blockchain ecosystem had SRAM & MRAM, a multinational company with HQ in the UK, as its sole investor.
5ire joins CoinSwitch Kuber, CoinDCX, and other cryptocurrency exchanges in claiming the unicorn title, which is only available to companies with valuations greater than $1 billion.
India is quickly developing into a fintech hotspot for startup companies. According to research firm Invest India, there are 104 unicorns in the nation as of June 29, with a combined valuation of more than $336 billion.
According to the startup, funding will be used to expand its operations across three continents: Asia, North America, and Europe. India would continue to be its primary operational hub and primary emphasis.
The round builds on its $21 million seed, which was valued at $110 million in October of last year. According to the business, its recent funding infusion would also support efforts to hire staff members and strengthen its blockchain known as 5ireChain.
Given the economic outlook and widespread layoffs in the business, valuations and rises like this in cryptocurrency are quickly disappearing. Nevertheless, despite the current bear market in cryptocurrencies, some see a vision for continued growth.
What is 5ire All About?
According to 5ire CEO Pratik Gauri,
“The 5ire team has worked around the clock to establish a platform that incorporates both technology and procedures for the good of humankind. In just 11 months, an Indian unicorn became the world’s first and only sustainable unicorn, demonstrating that we are moving in the right direction.”
Little is known about the startup at this time. According their website, its ecosystem consists of a blockchain & venture capital arm and its research and development center, 5ire Labs.
Gauri, Prateek Dwivedi, and Vilma Mattila, three proponents of the blockchain, founded 5ire in August of last year with the stated intention of supporting the UN Sustainable Development Goals. These lofty objectives include a group of 17 interconnected global goals intended to, among other things, increase gender equality, combat climate change, and eliminate poverty.