GoSats, which offers Bitcoin and gold rewards on spending, raises $5 million in funding

GoSats, a Bengaluru-based rewards platform that offers Bitcoin and gold rewards on everyday spending, has raised $5 million in a Series A funding round led by US venture capital firm Konvoy.

The round also saw participation from Y Combinator and Taisu Ventures.

Founded in 2020 by Mohammed Roshan and Roshni Aslam, GoSats began as a cashback service offering Bitcoin rewards on online purchases. It has since expanded into a wider rewards ecosystem that includes gold, vouchers and other loyalty-based incentives.

The startup said the fresh funding will be used to accelerate customer acquisition. It also plans to invest in AI to personalise wealth management tools and shopping recommendations, while strengthening its engineering and product teams.

The platform allows users to earn rewards through online shopping, gift cards and a prepaid payment card, which can be topped up via bank transfers, UPI and existing credit cards. It has also introduced a feature enabling payments through India’s UPI system using its premium card.

Users can store rewards in a digital wallet and either redeem them for purchases or transfer certain assets, such as Bitcoin, to external blockchain wallets. The startup does not operate as a cryptocurrency exchange and does not allow direct buying or selling of Bitcoin, although gold transactions are supported through third-party providers.

GoSats has partnered with a number of consumer brands and platforms, including Flipkart, Myntra, Swiggy, and Nykaa, as it seeks to deepen its integration across the retail and fintech ecosystem.

Since its launch, the startup claims to have distributed more than Rs 50 crore in Bitcoin rewards and around Rs 5 crore in gold, while processing monthly rewards of roughly Rs 40 lakh. It reports about 80,000 monthly active users and has handled tens of millions of dollars in annualised transaction value.

The startup had previously raised $4 million in a pre-Series A round in 2022, following earlier seed funding, and counts investors such as Accel, Valhalla Capital, Gossamer Capital and KubeVC among its backers.