India’s Latest Blockchain Unicorn 5ire Valued at $1.5B

India’s “first and only sustainable unicorn born out of India” has picked up considerable funding at a time when others firms face layoffs

article-image

Blockworks exclusive art by axel rangel

share

key takeaways

  • The startup’s Series A follows a seed funding round in October where it was valued at the time for $110 million
  • 5ire’s CEO said the journey to unicorn status took around 11 months in total, making it the fastest of its kind to do so in the country

Blockchain startup 5ire has become India’s latest blockchain unicorn in record time following a $100 million Series A funding round with a valuation of $1.5 billion.

UK-based international conglomerate SRAM & MRAM was the sole investor for the self-styled 5th generation “sustainable” blockchain ecosystem, according to a statement on Friday.

5ire joins crypto exchanges CoinSwitch Kuber and CoinDCX in assuming unicorn status, whose valuations need to exceed $1 billion in order to qualify.

India is fast becoming a fintech hub for newly established businesses. As of June 29, the country is home to 104 unicorns with a total valuation exceeding $ 336 billion, according to research firm Invest India.

Funding will go towards business expansion while extending its footprint across three continents including Asia, North America and Europe, the startup said. India is to remain its main hub of operations and core focus.

The round extends upon its $21 million seed valuing it at $110 million in October of last year. Its fresh injection of capital will also go towards bolstering its blockchain dubbed 5ireChain as well as hiring efforts, the startup said.

Valuations and raises like these in crypto are fast becoming rare given the economic outlook paired with industry-wide layoffs. Still, some see a vision for continued growth during the crypto market downturn.

“The 5ire team has worked round-the-clock to develop a platform that combines both technology and processes for the benefit of humankind,” 5ire’s CEO Pratik Gauri said. “Becoming the world’s first and only sustainable unicorn born out of India, in just 11 months, is testimony that we are on the right path.”

Up until now, little has been known about the startup. Its ecosystem includes a blockchain and venture capital arm as well as its research and development hub, 5ire Labs, according to its webpage.

Founded by blockchain proponents Gauri, Prateek Dwivedi and Vilma Mattila in August of last year, 5ire said it aims to align with the United Nations Sustainable Development Goals. Those lofty goals include a collection of 17 interlinked global aims designed to reduce poverty, affect climate change and improve gender equality, among others.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

recent research

Research Report Templates.png

Research

An overview of the Base Ecosystem, with a focus on market leaders.

article-image

Although bitcoin hitting $120k by year’s end is looking unlikely

article-image

About 270 million HYPE has been claimed, valued around $7.6 billion

article-image

Stanford professors David Mazières and Dan Boneh will lead the lab alongside a cohort of graduate student researchers

article-image

With more companies holding BTC, bitcoin yielding strategies could become “a new corporate finance norm,” CoinShares posed

article-image

The proposal comes after Polygon governance considered a controversial use of bridged liquidity for yield

article-image

Can the community balance its decentralized ethos with the need for inclusivity and constructive debate?