5ire, a layer one blockchain startup, has raised $100 million at a valuation of $1.5 billion from UK-based SRAM & MRAM Group. With this funding, 5ire has become India’s 105th unicorn and 20th in this calendar year.

As per the startup, the freshly raised capital will be used for business expansion and extending its footprint across three continents, including Asia, North America and Europe, with India as the hub of operations and core area of focus. The startup also plans to boost its headcount to 150 from 105 (at present).

5ire | Sustainable Distributed Computing

Founded by Pratik Gauri and Prateek Dwivedi, along with web3 financier Vilma Mattila, in August 2021, 5ire is a fifth-generation blockchain ecosystem built from the ground up with the United Nation’s sustainable development goals in mind.

5ire includes 5ireChain, the world’s first sustainable blockchain; 5ire VC, 5ire’s venture capital arm; and 5ire Labs, 5ire’s research and development hub.

According to Pratik Gauri, SRAM & MRAM Group would also be adopting the 5ire’s blockchain. Commenting on the development, Pratik Gauri said,

“They own about 800 hospitals and are pretty deep into real estate. So, all of that is now going to come on our blockchain. We wanted access to not only financial capital but also relationship capital so that we can get our technology adopted.”

5ire has built its own blockchain validating mechanism called ‘’proof of benefit’, which works along the lines of 17 UN Sustainability Development Goals and various ESG parameters.

The blockchain startup, which is still pre-revenue, already has tie-ups with INTEX and VFS Global for the adoption of blockchain. It is also working with the Muzaffarnagar Police in India, the city of Alliance, Nebraska, US and the government of Nigeria.

The startup expects to start generating revenue from November this year and hit a billion-dollar revenue mark in three years.

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