5ire announced Friday that it has raised $100 million in Series A funding from Sram and Mram in the UK.
The fundraising firm 5ire is valued at $1.5 billion, making it the world’s first blockchain company with primary profitability and a rapidly developing blockchain in India, according to the company.
According to CEO and Co-Founder Pratik Gauri, the 5ire business plan seeks to inculcate a mindset of ‘benefit’ through the strong encouragement of actions aligned with the United Nations Sustainable Development Goals (SDGs). Integration is defined by the company as “Proof of Benefit”.
Gorey said 5ire will encourage decentralized autonomous organizations and task forces to help accelerate implementation of the United Nations’ 17 Sustainable Development Goals.
According to Sailesh Hiranandani, owner and president of Sram & Mram, the 5ire blockchain is one that “will be used by the authorities and large companies” in the coming years, citing Malaysia as a model.
Sram & Mram consists of ten companies spread over 35 locations. Its businesses include agribusiness, artificial intelligence, hedge fund operations, journalism, publishing, entertainment and information technology.
Gauri co-founded 5ire with Indians Prateek Dwivedi and Vilma Matilla in August 2021. He added that Gauri and Dwivedi, who have been friends for years, came up with the concept at an Indian tea shop while sketching their first ideas on a napkin.
In October, the company received $21 million in a startup round led by Alphabit, Marshland Capital and Moonrock Capital, among others.