India's crypto rewards platform GoSats completes $5 million Series A funding, led by Konvoy with participation from Y Combinator and others

ME News, April 7 (UTC+8): India-based crypto rewards fintech platform GoSats has completed a $5 million Series A funding round, led by Konvoy, with participation from Y Combinator, Taisu Ventures, and multiple angel investors. GoSats offers users Bitcoin and gold rewards, with an annualized total commodity trading value of $40 million. Since its founding, it has distributed over $53.7k (about 500 million Indian rupees) in Bitcoin and gold rewards.

This round of funding will be used for user growth, the development of new fintech products, AI-based personalized services, and the expansion of its engineering, product, and growth teams. By linking Bitcoin and gold rewards to everyday spending, GoSats lowers the entry barrier for new users into the cryptocurrency space, while also putting competitive pressure on traditional loyalty programs. In India’s complex cryptocurrency regulatory environment, GoSats operates its rewards products under a “Virtual Digital Assets” (VDA) compliance framework, giving users an opportunity to access the crypto asset category.

Earlier, in 2022, news reported that Bitcoin rewards company GoSats completed a $4 million Pre-A funding round, with participation from Y Combinator and others. (Source: PANews)