GoSats, an asset-based rewards platform, raised $5 million (roughly Rs 42 crore) in a Series A funding round headed by Konvoy. Y Combinator, Taisu Ventures, and a number of angel investors participated.
The Bengaluru-based startup had previously raised $700,000 in seed money in 2021 and $4 million in a pre-Series A round in June 2022.
A press release states that the additional funding will be utilized to invest in AI-driven personalization, boost teams in engineering, product, and growth, expand its fintech product suite with improved reward experiences, and speed up user acquisition.
GoSats, which was founded in 2020 by siblings Mohammed Roshan and Roshni Aslam, allows users to earn gold and Bitcoin rewards on regular purchases. The platform presents itself as a gateway to digital assets by enabling users to amass Bitcoin through online shopping, gift cards, and a prepaid payment instrument (PPI) card.
Along with deeper integrations with consumer brands and fintech platforms, the company intends to introduce more fintech products and broaden its rewards ecosystem to include new asset classes.
By allowing users to earn asset-based rewards on daily spending and providing a streamlined method of accessing alternative assets, GoSats seeks to bridge the gap between traditional finance and the digital economy.
Since its launch, the platform has distributed more than Rs 50 crore in Bitcoin and gold rewards, processing an annualized gross merchandise value (GMV) of $40 million (roughly Rs 360 crore). It has collaborated with well-known companies like Google and Flipkart.
