Thursday June 30, 2022

Blockchain based platform 5ire aims to clock a turnover of $150 million by the end of FY23, Pratik Gauri, founder and CEO, 5ire, told FE Digital Currency. FE Digital Currency could not validate the claims. However, he declined to comment on the financials of the company. The platform claims to currently provide only business-to-business (B2B) services. “We currently work for 10 companies including governments, Fortune 500 companies, and family offices. We have collaborated with electronics manufacturing services companies such as Intex and Huawei,” he added. In November, it plans to start its consumer service. The platform aims to have around one lakh users by the end of this financial year.

According to Gauri, the platform has raised more than $21 million, at a $110 million valuation, from external investors. The funding rounds saw participation from 30 venture capital (VC) firms. “In January of FY22, we secured a fresh funding of $100 million from some New York based companies,” Gauri stated. 

Currently, the platform is yet to earn revenue for its services. As per the firm, its main model which will allow it to earn money will go live in November, at the time its service be made available to customers. “We plan to charge a fee for transactions on our blockchain network and non-fungible token (NFT) marketplace. We also plan to introduce digital wallet based services,” Gauri said. 

Moreover, the platform claims to invest around 25% of the funds raised from investors to manage operations. “Our main headquarters is in Dubai, and we currently have 100 staffers working for us,” Gauri said. The platform claims that it is running a pilot programme through partnerships with police groups in Muzaffarnagar and Nebraska. “We have entered into a memorandum of understanding (MOU) with the Nigerian agricultural government for digital based solutions,” Gauri stated.

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