Get All Access for $5/mo

Bitcoin Rewards Company GoSats Raises $700,000 Seed Round The platform focuses on mainstreaming bitcoin adoption to help average consumers become passive earners of bitcoin

By Prabhjeet Bhatla

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Unsplash

The Indian crypto space is widening beyond exchanges. GoSats, a bitcoin rewards company, announced on Wednesday that it has raised $700,000 Seed funding from a group of investors. The platform focuses on mainstreaming bitcoin adoption to help average consumers become passive earners of bitcoin.

"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," said Trevor Owens, managing partner, Stacks Accelerator.

The Bengaluru-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 15,000 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.

"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 and conditions. On the other side, while the writing about gains through bitcoin is on the walls, a common man would be afraid due to its volatility in the short term. GoSats solves both problems at once in a unique way," noted Sathvik Vishwanath, chief executive officer, and co-founder, Unocoin.

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 of Zebpay, Sathvik Vishwanath of Unocoin, Mohit Madan of Oropocket, Sharan Nair, of Coinswitch Kuber, and a few others.

"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," added Mohammed Roshan, chief executive officer, GoSats.

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 per cent (depending on the brand) is credited into the user's GoSats bitcoin wallet, the company shared.

Prabhjeet Bhatla

Former Staff

News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Leadership

Visionaries or Vague Promises? Why Companies Fail Without Leaders Who See Beyond the Bottom Line

Visionary leaders turn bold ideas into lasting impact by building resilience, clarity and future-ready teams.

Business News

Former Steve Jobs Intern Says This Is How He Would Have Approached AI

The former intern is now the CEO of AI and data company DataStax.

Science & Technology

Why Businesses Are Relying on Automation to Survive the Labor Crisis

Robots are revolutionizing industries by addressing labor shortages and enhancing efficiency, while businesses navigate challenges like workforce adaptation and high implementation costs.

Living

70% of Small Business Owners Experience Monthly Burnout. Follow These 3 Rules to Avoid the Same Fate.

Here are three guidelines to help entrepreneurs achieve balance, growth and success in both their professional and personal endeavors.