Exclusive: GoSats Bags $5 Mn To Scale Its Rewards Platform

Bitcoin rewards startup GoSats has raised $5 Mn (about ₹47 Cr) in its Series A funding round led by US-based VC firm Konvoy Ventures, with participation from existing backer Y Combinator and Web3-focused Taisu Ventures.

The startup plans to utilise the fresh funds to accelerate user acquisition with an aim to increase its user base to 1 Mn in the coming years from 1.5 Lakh currently. It will also use the capital to expand its product suite, improve its tech stack, especially through AI-driven personalisation for wealth management and shopping recommendations, and expand its team.

GoSats also plans to expand its rewards ecosystem to include new asset classes and deepen partnerships with consumer brands and fintech platforms. It currently counts the likes of Flipkart, Myntra, Swiggy, Nykaa, among others, as its partners.

“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 told Inc42.

Founded in 2020 by Roshan and Roshni Aslam, GoSats initially provided cashback in Bitcoin for online shopping. However, it has evolved over the years to include a wider range of products like gold, gift vouchers, merchandise and other loyalty programmes.

Users can collect rewards in GoSats wallets, which they can either redeem into blockchain wallets in the case of Bitcoin or use directly for future purchases. The startup has tied up with third-party providers like Augmont to facilitate the exchange of gold rewards for physical gold or other gold-backed assets for GoSats.

The rewards are backed by Bitcoin or gold held by GoSats, Roshan said, adding that users are not allowed to buy or sell Bitcoin directly from the platform as it doesn’t function as an exchange. However, gold can be bought and sold through the platform. Future plans include similar offerings for other asset classes.

GoSats also offers physical Visa cards that can be topped up with cash or existing credit cards. These can be used at any retail touchpoints to make payments and the rewards can be clubbed with pre-existing offers from the credit card used for top up. While the basic card is free and offers lower rewards, the ‘Elite’ card has a ₹999 annual subscription cost and offers higher rewards.

GoSats recently launched a UPI integration with the Elite card which allows users to make UPI transactions through the card by scanning any QR code.

The startup has processed rewards worth ₹50 Cr in Bitcoin since inception and around ₹5 Cr in gold since the asset was introduced last year, Roshan said. It has around 80,000 monthly active users, and disburses rewards worth ₹40 Lakh per month. It processed close to $30 Mn (about ₹280 Cr) in gross merchandise value in FY26.

GoSats earlier raised $4 Mn in its pre-Series A funding round in 2022. It counts the likes of Accel, Valhalla Capital, Gossamer Capital and KubeVC among its backers. 

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