YC backs $4m round of Indian bitcoin rewards firm

GoSats, an India-based bitcoin rewards platform, has raised US$4 million in a pre-series A funding round from investors like Y Combinator, Accel, and Gossamer Capital.

Founded by Mohammed Roshan and Roshni Aslam, GoSats became available to the public in February last year.

The startup allows customers to earn bitcoins as cashback from transactions through its platform, including its mobile app and GoSats prepaid card.

“GoSats enables variable cashback on every card spend. The bitcoin wheel is activated at every swipe. On spinning the wheel, the bitcoin rewards are credited instantly to your GoSats account,” the company explains on its website.

The platform currently has more than 150,000 registered users. Before the public launch, the firm had onboarded 500 customers as part of its pilot, GoSats founders told Tech in Asia.

GoSats had raised US$700,000 in a seed round last August. The startup was also part of the first cohort of Atoms, a program run by Accel to back pre-seed startups with US$250,000 in non-dilutive capital.

GoSats plans to use the fresh capital to scale up its operations, which include improving the product, onboarding more brands, and more. It also plans to develop a cryptocurrency-based rewards API service for brands that can integrate crypto assets as loyalty points.

Other investors in this round include:

  • Soma Capital
  • KubeVC
  • 2am VC
  • Valhalla Capital
  • Trampoline Venture Partners
  • Dragon Capital
  • Leonis VC
  • DG Daiwa Ventures
  • C2 Ventures
  • Draper Dragon