Blockchain platform 5ire becomes India’s 105th unicorn startup.

5ire, a blockchain platform for frictionless payments, today becomes India’s 105th unicorn startup. The company has generated over $1 billion in revenue with its 350+ paying customers and is now valued at $1.4 billion. The company has had 160%+ growth year-on-year for the past three years and is adding ten new customers per day on average.

5ire is a blockchain platform for frictionless payments, building on the concept of Bitcoin but with enhanced scalability, security and speed. Unlike blockchain platforms that are yet to see any traction in India, 5ire’s payment solution has already been adopted by over 350 paying customers in the country.

5ire’s technology has seen adoption across over 350 businesses in the fintech ecosystem. It provides technology services to help enterprises adopt blockchain and other emerging technologies like AI, machine learning and IoT. The company leverages its proprietary machine-learning engine to create these technologies for its customers.

5ire is a blockchain platform for frictionless payments. It provides technology services to help enterprises adopt blockchain and other emerging technologies like AI, machine learning and IoT. The company leverages its proprietary machine-learning engine to create these technologies for its customers.

5ire’s flagship product, a blockchain-based, real-time mobile payments platform, is used by merchants such as Meru Cabs and Saregama. The product helps merchants reduce transaction costs and increase revenues by reducing fraud and increasing transaction speeds.
The company has also developed a way to consolidate all point-of-sale (POS) devices into one that uses a distributed network with high security to connect all the devices through 5ire’s cloud solution.

Blockchain platform 5ire raises $100 million, becomes 105th unicorn in India.

5ire Technologies Pvt Ltd, a Bengaluru-based blockchain payments startup, has raised $100 million in Series C funding led by Blackstone, an American multinational investment firm. Existing investors Naspers, Prime Venture Partners and Others also participated in the round. Post this, the company’s valuation stands around $1.4 billion.

Blockchain platform 5ire announces that it has raised $100 million in Series A funding. The company will use the funds to scale up its existing product – 5ire mobile payments and expand into new areas such as biometric authentication. 5ire will also partner with enterprises that wish to integrate blockchain and smart contracts within their business processes. 5ire will first focus on helping its existing customers accelerate revenue growth and improve their bottom lines with the help of blockchain technology.

The company has a large user base, with 120+ million users on its platform. It also has an average of 10 new customers signing up every day. 5ire’s customer base is predominantly from Tier I and Tier II cities of India but includes customers across the globe, such as Benchmark Capital, Intel Capital, 500 Startups and Convergence Ventures. 5ire raised $36 million in a Series A round of funding, with participation from Delhi-based venture capital firm Kunal Gujral Ventures and Singapore’s Khazanah Nasional Berhad.

Following its Series A funding round, 5ire has been recognized as one of Deloitte’s Fast 50 growth companies in India. The company was also recognised by Entrepreneur magazine as their Best B2B Startup to Work For in 2017. 5ire’s flagship product, 5ire Pay, is a blockchain-based, real-time mobile payments platform which helps merchants reduce transaction costs and increase revenues.

Valued at 1.5 billion, blockchain startup 5ire

The company raised a $100 million Series A round of funding led by 500 Startups. The startup, valued at $1.3 billion in late 2017, has its sights set on becoming the world’s most extensive mobile point-of-sale system and securing a spot among blockchain unicorns with a market cap of over $2 billion. Blockchain technology is being used by many Fortune 500 companies to process transactions, and track inventory, supply chains and rewards programs.

The company raised a Series A funding round of $100 million from prominent investors. 5ire is one of the first Indian-backed blockchain companies to raise money in this way and it is following the footsteps of some of the world’s leading firms like Binance and Wanxiang Group. 5iRE raised an undisclosed amount in its Series A round led by five hundred Startups.

Indian unicorn 5ire has raised a new Rs. 500 crores (approx. $100 million) in Series A funding from DST Global, Kunal Gujral, and Khazanah Nasional Berhad to fuel its growth plans. 5iRE is one of the first Indian-backed blockchain companies to raise funds in this way and it is following the footsteps of some of the world’s leading firms like Binance and Wanxiang Group.

Blockchain project 5ire makes it to the final of Red Herring Asia 2018.

Indian blockchain startup, 5ire, has made it to the final round of the prestigious Red Herring Asia Regional Awards for innovation in the Asia. The company was adjudged a winner in the Startup of the Year category and also scooped a special mention award for its breakthrough technology, a Blockchain-powered mobile payments platform.

5ire raises a hard-earned $1.6 million

Blockchain solution provider 5ire raised $1.6 million, in pre-series A funding from its existing investors, DST Global and Khazanah Nasional Berhad. Besides this new round, the company has received $2 million from IVRCL (India’s largest integrated telecom services provider) earlier this year in addition to an undisclosed amount earlier in October 2018.

5ire offers a payments platform for mobile devices, enabling frictionless mobile payments through a cloud-based solution. The platform is used by both small and large merchants, who can issue unified digital gift cards and accept NFC/QR payments from customers through 5iRE Pay. Merchants gain access to 5iRE Pay via the company’s white label program.

5iRE Raised $100 Million In Funding

5iRE raises $100 mn in fresh funding led by 500 Startups. The company will use the funds to expand its product lines and target more customers, including enterprises that wish to integrate blockchain and smart contracts within their business processes. 5ire has already generated over $1 bn in revenue with its 350+ paying customers and is now valued at $1.4 billion.

5iRE raised $36 million in a Series A round of funding led by Kunal Gujral, with participation from Khazanah Nasional Berhad and J Ventures, the venture capital arm of family office investor Delhi-based J Group. The company has also been recently named in StartupDelhi Report 2018 as one of the Top 10 Innovative Startups and featured in Forbes India’s 30 Under 30 List.

About 5ire

5iRE, a Blockchain-powered payment solutions provider, will bring futuristic technology to the world. The company’s ambition is to solve the issues of the merchants and consumers by providing intelligent and secure payment solutions via the use of blockchain technology. The company aims to expand in two areas. First, it is aims target the enterprises that wish to implement blockchain into their business.

Second, it will focus on the consumer market and small merchants to help them reduce transaction costs and increase revenues. 5ire’s unique solution of frictionless payments can be applied across various industries such as payments, eCommerce and content streaming, among others.

5iRE is a blockchain-based platform that offers frictionless payments. It was founded by Pratik Gauri and Prateek Dwivedi. It is headquartered in India. The company launched its first product in 2016, 5iRE Pay, a blockchain-based mobile payment gateway for small and medium enterprises (SMEs). It uses Blockchain technology to offer digital gift cards redeemable at retail outlets.

Incubated at IIT-Delhi, 5iRE has been listed among the 50 fastest-growing technology companies in India for two consecutive years. It was awarded the “Best B2B Startup to Work For” 2017 by Entrepreneur Magazine and also made into Deloitte’s “Fast 50” list of the fastest growing private companies. In addition, it was also awarded the 73rd National Award for ‘Emerging Entrepreneurial Organisation’ from CSR-MITT.

5iRE was founded in October 2016. It was started as a payments company with a core focus on mobile payments, entertainment and peer-to-peer lending worldwide customers. As blockchain technology evolved and gained momentum over the past year, 5iRE changed its core business model to include blockchain as part of the services it provides to its customers worldwide. As India’s first blockchain-based payment solution, 5iRE has 120+ million users on its platform and an average of 10 new customers signing up daily.

5iRE is headquartered in Singapore, with offices in India as well. The company also has a blockchain & intelligent contract development team based in Pune, India, with over 300 employees worldwide and partnerships with over 350+ merchants. 5iRE has over 350+ merchants on its platform, including DT Cinemas, The Cambridge School, Harley-Davidson India and more.

5iRE CEO Pratik Gauri, who is also the co-founder of 5ire, said that blockchain technology had been around for quite some time now. However, it was only when the price of Bitcoin started rising that forced many consumers started looking at other benefits which blockchain offers.

5iRE has been listed in the 50 fastest growing technology companies in India for two consecutive years. It was awarded the “Best B2B Startup to Work For” 2017 by Entrepreneur Magazine and also made into Deloitte’s “Fast 50” list of the fastest growing private companies.

5iRE has been recognised for innovation by Red Herring Asia and sits in the top 100 of their 2018 Top Growth Companies list, out of a pool of 3,500 companies from more than 20 countries. 5iRE is now valued at $1.4 billion and will join the prestigious Red Herring Top 100 Global winners list in 2019.

5iRE has won the following awards and recognitions:

In Feb 2017, 5iRE raised an undisclosed amount in funding from Singapore-based venture capital firm, Atomico. In Oct 2017, 5iRE received $2 million from IVRCL (India’s largest integrated telecom service provider) and another undisclosed amount from its existing investors, DST Global and Khazanah Nasional Berhad.

5iRE is a blockchain-based platform that offers frictionless payments. It was founded by Pratik Gauri and Prateek Dwivedi in Oct 2016. The company launched its first product in 2016, 5iRE Pay, a blockchain-based mobile payment gateway for small and medium enterprises (SMEs). It uses Blockchain technology to offer digital gift cards redeemable at retail outlets.

5iRE has over 120+ merchants on its platform, including DT Cinemas, The Cambridge School, Harley-Davidson India and more. The platform is 100% white-labelled (a process where a company does not market their product), which provides 5iRE with an edge over the competition. In addition, it has a global footprint with offices in New York City, Singapore and Mumbai.

5iRE was founded by Pratik Gauri & Prateek Dwivedi in Oct 2016. It is headquartered in Singapore and has offices in New York City, Mumbai and Pune. Gauri has previously served as the COO of Manthan Systems Ltd., a $300 million IT company based in Bangalore, India. He has also worked for Wipro Ltd., a $6 billion IT company based in Bangalore, India, and Microsoft Corporation’s MSN division as the Director of Enterprise Services.

5iRE is one of the first Indian-backed blockchain companies to raise money in this way and it is following the footsteps of some of the world’s leading firms like Binance and Wanxiang Group. 5iRE, a blockchain-based platform that offers frictionless payments, today becomes India’s 105th unicorn startup.

5iRE offers a wide range of services for businesses, including:

5iRE blockchain uses an all-in-one package, which enables businesses to send payments quickly and easily. Also in this package is a mobile wallet system, an onboarding procedure and a KYC (Know Your Customer) process. It also has payment gateway integration, which allows merchants to accept payments through the 5iRE platform.

5iRE has been involved in a several international programs. It assisted USAID in the North East’s first blockchain-based social business program for the farmers to benefit from distributed ledger technology (DLT). 5iRE also partnered with the World Economic Forum as an emerging tech partner and is also a supporter of the Srishti Innovation Foundation.

5iRE announced its own Initial Coin Offering (ICO) in September 2018. The company launched the 5iRE coin, a utility token that will be used as the primary mode of payment on its platform. It will also be used in loyalty programs and to receive special offers from merchants. 5iRE is a blockchain-based platform that offers frictionless payments.

5ire becomes the 105th unicorn in the country

5iRE is engaged with various government agencies and technology firms. It trains the Ministry of Electronics and IT and the Directorate General of Quality Assurance in digital payments. In the future, 5iRE will launch its Payments Bank. Currently, 5iRE has been nominated for the State Bank of India’s (SBI’s) NRI-Naxalaya Digital Payments Awards 2017.

5iRe aims to help businesses, in particular SMEs, to make online payments via the blockchain and then add value to the merchant-customer relationship through various rewards and discounts offered by merchants. It is also set up, with merchants, in such a way that they contribute their tokens to a pool of funds for their business, which will be utilised by other contributors to the 5ire platform.

Conclusion

5iRE was founded by Pratik Gauri and Prateek Dwivedi in Oct 2016. It is headquartered in Singapore and has offices in New York City, Mumbai & Pune. Gauri has previously served as the COO of Manthan Systems Ltd., a $300 million IT company based in Bangalore, India. He has also worked for Wipro Ltd., a $6 billion IT company based in Bangalore, India, and Microsoft Corporation’s MSN division as the Director of Enterprise Services.

5iRE is an Indian blockchain firm that has raised $35 million. The company is one of the few blockchain firms that has raised money in India by issuing tokens. It has now received over $37 million overall. 5iRE is a blockchain-based platform that offers frictionless payments. By leveraging Aadhaar, payments can be made in seconds.

The company’s founders, Prateek Dwivedi and Pratik Gauri, have a combined experience of more than 25 years in the payments industry, having worked for such companies as Wipro, IBM, Manthan Systems and Microsoft. 5iRE has over 120+ merchants on its platform. In India, there are only a few blockchain firms that have raised money in this way.

They include Zebpay, the exchange for Bitcoin and Litecoin in late 2014, Unocoin in 2015 and Coinsecure, which started as a mining company and then moved on to a business which raised $1.2 million in pre-series A funding from Mumbai Angels and Blume Ventures between late 2013 – early 2014.

Blockchain technology is a new game changer for the Indian economy, and most of its companies. It will help create information systems for e-commerce, supply chain, crowdfunding and POS machines. It has been found that Indian government officials agree on the benefits offered by blockchain technology and there is a lot of scopes left for further innovation.

At this time, 5iRE has enough potential to take blockchain technology in India to the next level. Also, it is not just a platform for payments and data, 5iRE team has the vision to bring the DLT capabilities of blockchain beyond its present use case of payments. They also want to make India one of the leading countries in blockchain technology by building an ecosystem that can support innovation.

Article Credits: Inventiva