GoSats Raises $5M Series A for Bitcoin Rewards

GoSats, an asset-based reward platform has raised $5 million (approx. Rs. 42 crore) in a Series A funding round led by Konvoy, with the involvement of Y Combinator, Taisu Ventures, and several angel investors onboard. The startup from Bengaluru had previously secured a total of $4 million in funding in a Pre-Series A round in June 2022 and $700,000 in seed funding in 2021. 

Official Press Release Statement

According to a Press Release, the capital will be used for accelerating user acquisition, expand fintech product suite with enhanced reward experiences, and also invest in Artificial Intelligence driven personalisation, and strengthen the teams across engineering, product and growth.

The startup was founded in 2020, by siblings Md. Roshan and Roshni Aslam. GoSats enables the users to earn Bitcoin, and get gold rewards on everyday purchases. It also allows users to store Bitcoin through online shopping, gift cards, and a pre-paid payment instrument (PPI) card, while also positioning itself as a gateway to digital assets. 

Future Vision for GoSats

GoSats plans to launch more fintech offerings, and also expands its reward ecosystem to include new asset classes, along with deeper integrations with fintech platforms and consumer brands. 

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It aims to bridge the gap between traditional finance and digital economy, by enabling the users to earn asset-based rewards on spending daily, and also offering a simple way to access alternative assets. GoSats, currently processes an annual gross merchandise value (GMV) of $40 million (approx. Rs. 360 crore) and also distributes over Rs. 50 crore in Bitcoin, and gold rewards since foundation. It has also partnered with major brands such as Google and Flipkart.