GoSats, a bitcoin rewards company, has announced 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 was co-founded by Mohammed Roshan and Roshni Aslam introduced GoSats into the Indian market in February 2021.
The seed funding round featured 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,” said Trevor Owens, the Managing Partner at Stacks Accelerator.
As an investor into GoSats, Sathvik Vishwanath who also brought the bitcoin trading platform Unocoin to India in 2013 commented, “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 added, “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.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.