Bitcoin rewards startup GoSats has raised US$5 million (about ₹47 crore) in a Series A funding round led by US-based firm Konvoy. Other investors like Y Combinator and Taisu Ventures also joined the round.
The company plans to use this money to grow its user base from 1.5 lakh to 10 lakh users in the coming years.
GoSats will also invest in improving its products and technology, especially by using AI to offer better wealth management and shopping suggestions. It also plans to hire more people.
In addition, the startup wants to expand its rewards system by adding new types of assets and building stronger partnerships with brands and fintech companies.
“As a company, we don’t want to be known as a Bitcoin or a crypto product. We want to be known as a wealth platform. So, we are trying to add silver, stablecoins, stock baskets and other asset classes as well” cofounder and CEO Mohammed Roshan said.
Founded in 2020 by Roshan and Roshni Aslam, GoSats started by giving cashback in Bitcoin when people shopped online. Over time, it added more reward options like gold, gift vouchers, merchandise, and other reward programs.
Users can collect these rewards in their GoSats wallet. They can either transfer Bitcoin to another wallet or use the rewards for shopping. For gold rewards, GoSats has partnered with Augmont, so users can convert them into physical gold or gold-based assets.
The rewards are backed by real Bitcoin or gold held by GoSats. However, users cannot directly buy or sell Bitcoin on the app since it is not a trading platform. Gold, though, can be bought and sold. The company also plans to add more asset options in the future.
GoSats also offers Visa cards that users can load with money. These cards can be used anywhere, and users earn rewards along with their normal credit card benefits. There is a free basic card with lower rewards, and an Elite card that costs ₹999 per year but gives higher rewards.
The company has also added UPI support to its Elite card, so users can make payments easily by scanning QR codes.
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