04 August 2021, India: The Indian crypto space is widening beyond exchanges. GoSats; a Bitcoin Rewards Company, announced today that they have raised $700k USD Seed funding from a group of investors. The platform focuses on mainstreaming bitcoin adoption to help average consumers become passive earners of bitcoin.
The Bangalore based startup, co-founded by Mohammed Roshan and Roshni Aslam introduced GoSats into the Indian market in February 2021 and in this short span of time, it has on-boarded more than 15k customers. GoSats enables a low-friction way to accumulate free bitcoin while consumers shop online. The platform features more than 120 brands including the likes of Flipkart, Amazon, Swiggy, Big Basket and Myntra.
The seed funding round featured some prominent names like Alphabit Fund, Fulgur Ventures, Stacks Accelerator and SBX Capital. The funding round was also supported by a few angel investors including Ajeet Khurana, former CEO of Zebpay, Sathvik Vishwanath, CEO of Unocoin, Mohit Madan, Co-Founder of Oropocket, Sharan Nair, CBO of Coinswitch Kuber and a few others.
“GoSats is the gateway for a billion people in India to own Bitcoin. In a time when inflation is destroying wealth around the world, Bitcoin protects the wealth of people and allows them greater freedom and ownership over their future. That’s a great thing, and I’m honored to be an investor in a company that can benefit so many people.” says Trevor Owens, the Managing Partner at Stacks Accelerator.
As an investor into GoSats, Sathvik Vishwanath who also brought the first bitcoin trading platform Unocoin to India in 2013 comments, “I firmly believe that bitcoin is the greatest store of value in recent times, and to make it accessible to the masses the company has come up with a unique solution. The traditional rewards industry is extremely fragmented. Reward points get discarded due to them not being valuable enough and having lots of restrictive terms & conditions. On the other side, while the writing about gains through bitcoin is on the walls, a common man would be afraid due its volatility in the short term. GoSats solves both problems at once in a unique way.”
The CEO of GoSats, Roshan, a stalwart of the crypto ecosystem of India and was also the former Chief Scientist of Unocoin, shares his views about the vision and growth of the company saying, “It’s fascinating that a significant number of our user-base never held bitcoin before they signed up with GoSats and we are happy to facilitate their journey into the world of crypto-assets in a risk-free manner. Through this funding, our focus is to scale the adoption of bitcoin in India and to build a bitcoin rewards solution for brands.”
As of today, GoSats users can shop at supported brands via the GoSats mobile app available for Android and iOS phones as well as the GoSats Chrome extension. They can even purchase vouchers of various amounts on any of the listed brands with UPI or Credit/Debit Cards. After the payment is successful, a fraction of bitcoin that is a cashback of up to 20% (depending on the brand) is credited into the user’s GoSats bitcoin wallet.