GoSats raises $4M to enhance their bitcoin rewards program

GoSats, India’s most promising and simplest crypto on-ramp platform recently announced that they have secured a $4M raise from multiple private investors in their Pre-Series A funding round.

The funding round was conducted with an aim to scale up and enhance GoSats operations to a higher level, and thus the funds will essentially focus on acquiring resources that enables GoSats to magnify their exclusive bitcoin rewards program, build crypto rewards as an API Service for brands to seamlessly offer crypto assets as loyalty points and develop a strong and talented workforce with effective hiring.

GoSats was part of the first cohort of Atoms – a program by Accel to support pre-seed startups with USD 250,000 in non-dilutive capital, mentorship from founders and operators, and a community to help them grow.

Speaking about the funding round, CEO & Co-founder of GoSats, Mr. Mohammed Roshan shares, “We are happy to be supported by some fantastic forward-thinking investors that understand and believe in the future that we envision would make a better world. When we launched last year, our goal was to build a gateway to bitcoin adoption without any risk to the user. Having personally worked with 2 crypto exchanges, I don’t believe exchanges are the answer to mass crypto adoption and awareness especially in a country like India where people prefer simplicity and are risk averse. Over the past year, we’ve been thrilled to see the GoSats model help Indians accumulate free bitcoin as cashbacks everytime they shop with their favorite brands. We’ll now be using our funding to scale our rewards card program, build an infrastructure for users to seamlessly earn free bitcoin everywhere they shop, enable users to stake their bitcoin and earn attractive yield, have them spend
their rewards on brands, NFTs and play to earn games all within the GoSats app.”

Dinesh Katiyar, Partner at Accel said, “We are delighted to see GoSats, part of Accel Atoms, raise its next round of funding to grow and scale. Both Roshni and Roshan understand the Indian blockchain and cryptocurrency space well and recognize the steep learning curve they pose to the first-time user. With GoSats, they aim to flatten that curve, and to provide India with the simplest gateway to Bitcoin to be able to participate in a new generation of financial innovation”

The brand’s innovative crypto initiatives have sparked an interest with many investors who have contributed in this funding round and includes names like YCombinator, Accel, Gossamer Capital, KubeVC, 2am VC, Valhalla Capital, Soma Capital, Trampoline Venture Partners, Dragon Capital, Leonis VC, DG Daiwa Ventures, C2 ventures, Stonks.com, Draper Dragon, Angels such as Sung Ho Choi – Founder of Fubo TV and Taher Savliwala.

Hershel Mehta, Partner at 2am Ventures adds “Roshan and the GoSats team have created an easy to use on-ramp into crypto. Allowing young Indians to enter into crypto and web3 without changing consumer habits is a big deal. As a Gen Z investor we are proud to support Roshan and their team.”

Jonathan Sadlowe, General Partner at Gossamer Capital said, “We are incredibly excited to continue our support of GoSats, its talented co-founders, Mohammed Roshan and Roshni Aslam, and the exceptional team they’ve assembled. In a short time, GoSats has navigated the complex intersection of payments and crypto to create the simplest on-ramp for Bitcoin in India. The team has ambitious plans to bring the benefits of Bitcoin and DeFi to mass adoption and we’re thrilled to support them into their next phase of growth.”

GoSats has been one of the premiere organisations to bring in the concept of accumulating free bitcoin as cashbacks and rewards on every day purchases and as of now, the brand has built a community of 150k Bitcoiners in the Indian market. Also, with an ever growing market and spot on strategies, GoSats has also managed to secure a 6x growth in their quarterly revenue.

Last year, GoSats had announced a seed funding of $700K and was a winner in the Binance Build for Bharat Hackathon.

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