GoSats, a startup specializing in Bitcoin rewards, has successfully raised $5 million in its Series A funding round. The investment was led by Konvoy Ventures, a US-based venture capital firm, with additional participation from Y Combinator and Taisu Ventures.
The company aims to leverage this funding to boost user acquisition, targeting an increase from its current 150,000 users to one million in the coming years. Plans also include expanding its product offerings, enhancing its technology stack with AI-driven features for wealth management, and growing its team.
GoSats intends to broaden its rewards ecosystem by incorporating new asset classes and strengthening partnerships with consumer brands and fintech platforms. Its current partners include major names like Flipkart, Myntra, Swiggy, and Nykaa.
According to co-founder and CEO Mohammed Roshan, the goal is to position GoSats not merely as a Bitcoin or crypto product but as a comprehensive wealth platform. This includes plans to introduce rewards in silver, stablecoins, stock baskets, and other asset classes.
Founded in 2020 by Roshan and Roshni Aslam, GoSats initially focused on providing cashback in Bitcoin for online shopping. Over time, it has expanded its offerings to include gold, gift vouchers, merchandise, and various loyalty programs.
Users can accumulate rewards in GoSats wallets, which can be redeemed for Bitcoin or used for future purchases. The startup collaborates with third-party providers like Augmont to allow users to exchange gold rewards for physical gold or gold-backed assets.
While users cannot buy or sell Bitcoin directly on the platform, they can trade gold. GoSats also offers physical Visa cards that can be topped up with cash or linked to credit cards, allowing users to earn rewards that can be combined with existing credit card offers.
Recently, GoSats introduced UPI integration with its Elite card, enabling users to make UPI transactions by scanning QR codes. Since its inception, the startup has processed rewards worth ₹50 crore in Bitcoin and around ₹5 crore in gold since launching the gold reward feature last year.
GoSats currently boasts approximately 80,000 monthly active users and distributes rewards amounting to ₹40 lakh each month. The company processed nearly $30 million in gross merchandise value in FY26.
Previously, GoSats raised $4 million in its pre-Series A funding round in 2022, with backing from investors including Accel, Valhalla Capital, Gossamer Capital, and KubeVC.
