Budget carrier SpiceJet on Monday said its subsidiary <keyword id="6866514" type="General" weightage="20" keywordseo="SpiceXpress" source="Orion">SpiceXpress</keyword> and Logistics will receive USD 100 million investment from a UK-based group. SpiceJet, which is facing financial headwinds and an insolvency plea by an aircraft lessor, had recently hived off SpiceXpress. Also, last week, the airline said it has no plans to file for insolvency and would invest USD 50 million to revive 25 grounded planes. The United Kingdom-based SRAM &amp; MRAM Group will invest USD 100 million in SpiceXpress. Both sides have signed a Memorandum of Understanding (MoU) as part of the investment deal, the airline said in a release on Monday. The MoU also comes after a debt restructuring agreement between the carrier and aircraft lessor Carlyle Aviation Partner wherein the latter bought a stake in SpiceXpress at an anticipated future valuation of USD 1.5 billion (Rs 12,422 crore). SpiceJet Chairman and Managing Director Ajay Singh said the USD 100 million investment should help SpiceXpress to grow further and expand and provide a more streamlined and efficient service to its customers. SRAM &amp; MRAM Group has interests in agricultural and agro-food products, neural networks, artificial intelligence, hedge fund management, hospitality services and solutions, media and publishing, among other areas. So far this month, lessors have sought deregistration of five SpiceJet planes, a development that also comes against the backdrop of crisis-hit rival Go First shuttering operations and going for resolution proceedings under the insolvency law. SpiceJet stock was trading at Rs 30.27, up 2.33 per cent on BSE. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/fii-inflows-may-remain-consistent-in-may-with-turn-in-rate-cycle/articleshow/100234813.cms">FII inflows may remain consistent in May with turn in rate cycle</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-motors-posts-net-profit-of-5408-crore-in-q4-beats-estimates/articleshow/100189259.cms">Tata Motors posts net profit of ₹5,408 crore in Q4, beats estimates</a>

SpiceJet subsidiary SpiceXpress to get USD 100 mn from UK group

<ul><li>5ire, a sustainable <keyword id="6355684" type="General" weightage="20" keywordseo="blockchain" source="Orion">blockchain</keyword> firm in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> has secured $100 million Series A funding from UK-based conglomerate SRAM &amp; MRAM. </li><li>5ire claims to be the only sustainable blockchain company from India. </li><li>Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital are among primary private and institutional investors.</li></ul>5ire, a sustainable blockchain network, said that it has raised $100 million in Series A funding, from UK-based SRAM &amp; MRAM group. This round has taken its valuation to $1.5 billion – making it a <keyword id="152045" type="General" weightage="20" keywordseo="unicorn" source="Orion">unicorn</keyword>, a status given to startups that hit $1 billion in valuation. 5ire claims to be the only green blockchain unicorn in India which rewards its validators and creditors for taking sustainable actions. It is based on the Layer 1 blockchain network (BNB Smartchain, Bitcoin, Ethereum) that can approve transactions without the need of a third network. The company was founded in 2021 by Indian-origin entrepreneurs, <keyword id="9449142" type="General" weightage="80" keywordseo="pratik-gauri" source="Orion">Pratik Gauri</keyword> and Prateek Dwivedi, along with web3 financier <keyword id="13177209" type="General" weightage="80" keywordseo="vilma-mattila" source="Orion">Vilma Mattila</keyword>. “We are on a mission to embed sustainability into blockchain and shift the current paradigm from ‘for-profit’ to ‘for-benefit’. 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. We are moving towards the fifth industrial revolution,” said Pratik Gauri, CEO and Founder of 5ire. The funds raised will be used for business expansion and extending 5ire’s footprint across three continents including Asia, North America and Europe, with India as the hub of operations. It will also hire the best talent in the industry across functions like product, engineering, marketing etc. Indian <a href="https://www.businessinsider.in/business/startups/news/may-is-the-first-month-of-2022-when-startups-raises-less-than-2-billion/articleshow/92432430.cms">VC funding has slowed down i</a>n the last few months and added to that, cryptocrash too has made investors nervous. However, neither of these trends affected 5ire. “We have great confidence in moving forward with investments in sustainable technologies. As a scientist, I have always believed in finding better ways to do things, and 5ire is committed to finding solutions for the 17 UN Sustainable Development Goals,” said Dr Sailesh <keyword id="14442932" type="General" weightage="80" keywordseo="lachu-hiranandani" source="Orion">Lachu Hiranandani</keyword>, chairman of SRAM &amp; MRAM. 5ire has earlier raised funds from Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital alongside others. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/why-rbi-wants-international-trade-settlement-in-rupees/articleshow/92850515.cms">Explained: International trade settlement in Rupees and why RBI is doing it</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/the-gilded-age-could-be-ending-as-yellow-metals-losing-its-safe-haven-appeal/articleshow/92841178.cms">The Gilded Age could be ending as yellow metal's losing its safe haven appeal</a>

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SpiceJet subsidiary SpiceXpress to get USD 100 mn from UK group

PTI

Indian ‘green’ blockchain startup raises $100 million, turns unicorn in a crypto bear market

Eetika Kapoor