Bitcoin modernizes shopping

Roshni Aslam, an Indian entrepreneur from Bangalore, is the Co-founder and Head of Finance at GoSats, India’s pioneering Bitcoin rewards platform. After graduating with a M.Sc. in Finance from the University of Strathclyde, UK, Roshni gained valuable experience as an investment analyst at Alphabit, a cryptocurrency investment fund, and later as a Senior Research Analyst at ONEX AE in Dubai. With a vision to simplify Bitcoin adoption, Roshni and her brother Roshan founded GoSats in February 2021.  Co-founded by Mohammed Roshan and Roshni Aslam, GoSats provides a seamless way for users to earn Bitcoin while shopping from over 120 popular brands, including Flipkart, Nykaa, and Swiggy. Users can easily access GoSats through the mobile app or Chrome extension, making purchases via UPI or credit/debit cards. Roshni Alam in conversation with Surabhi Goel about GoSats, how it began, and more.

• What inspired you to co-found GoSats, India’s first Bitcoin rewards platform, and how did you envision its role in the crypto ecosystem?

The inspiration behind GoSats stemmed from my passion for Bitcoin and finance and the desire to make it accessible to everyone in India. I believe Bitcoin is a valuable asset and wanted to offer a simple way for people to earn it while shopping. We aim to introduce Bitcoin to a broader audience by providing Bitcoin rewards instead of traditional cashback. In the cryptocurrency ecosystem, we envision GoSats as a leading platform in India. Our recent launch of a Visa card allows users to top up their card with Bitcoin, further integrating earning and spending in the crypto space. We aspire for GoSats to be positioned among the top companies in India, facilitating the widespread adoption of Bitcoin.

• As a female entrepreneur in the crypto industry, what challenges did you face while establishing GoSats, and how did you overcome them?

I was fortunate not to face the typical challenges many women encounter. However, I did encounter difficulties in product development, idea creation, fundraising, and navigating legal aspects. Despite these challenges, I persevered and overcame them to establish GoSats successfully.

• How does GoSats simplify the process of earning Bitcoin through online purchases, making it accessible and straightforward for users?

1. Download the GoSats app from the App Store or Google Play Store and complete the registration process, including KYC.
2. Browse the list of 120+ partnered brands on the app and choose where to shop.
3. Users can purchase vouchers from brands like Myntra or Nykaa or opt for the GoSats card for a hassle-free experience.
4. To get the card, users need to select either the Intro or Elite card, complete the KYC process, and make the payment. The Elite card costs ₹999, and the Intro card costs ₹399; within 10 days, the physical card will be delivered to the address.
5. Users earn Bitcoin through purchases, which are stored in their GoSats wallet. However, for security, a third-party operator securely holds the Bitcoin.
6. Shop as usual, and GoSats will reward Bitcoin based on the merchant’s fees from the backend. Even when using the GoSats card, users can earn Bitcoin without affecting their transaction amounts.
7. Every Wednesday, GoSats processes withdrawals for users. For example, if a user has earned 100,000 sats (equivalent to 0.001 Bitcoin), they can request a withdrawal.

• What strategies has GoSats employed to attract and retain users, particularly in a market where cryptocurrency adoption may still be emerging?

To attract and retain users in an emerging cryptocurrency market, GoSats has strategically expanded its brand partnerships to include popular retailers like BigBasket and Shopee, responding to user preferences and feedback. In addition to Bitcoin rewards, the platform introduced new asset classes such as gold, catering to diverse user interests and enhancing engagement. Looking ahead, GoSats aims to offer a broader range of asset classes as cashback options, providing users with more rewarding and diversified investment opportunities.

• As the Head of Finance, how do you contribute to shaping GoSats’ financial strategies and ensuring sustained growth in the dynamic cryptocurrency landscape?

I oversee operational and marketing budgets, including influencer campaigns, to ensure efficient resource allocation and sustained growth. I analyse financial reports, such as burn rates, to monitor spending and identify opportunities for revenue enhancement. Recently, we’ve initiated strategies to introduce new campaigns to boost revenue and optimize financial performance in the dynamic cryptocurrency landscape. With over half a million users since its inception, GoSats has grown significantly. A year ago, the launch of the GoSats card further enhanced user benefits, resulting in over 25 Bitcoin distributed to users and processing over $1,000,000 in annualized shopping volume.

Quick Q&A

• Which finance book is your favourite?

Rich Dad Poor Dad by Robert Kiyosaki made a significant impact on me. It broadened my understanding of economics and money, prompting deeper reflections on financial matters.

• What hobbies or interests beyond finance enhance your professional performance?

I prioritize exercise, aiming for 3-4 sessions weekly. Reading and cooking are also my hobbies. These activities contribute to my mental well-being, enhancing my productivity at work.

• Do you have any favourite strategies for staying financially organized in your personal life?

Keeping track of expenses is crucial for a financial organization. Whether through an Excel sheet or a written record, monitoring spending helps maintain control. Budgeting, instilled in me by my mom, is vital.

• How do relationships and networking impact your finance career, and whom do you enjoy interacting with professionally?

Interacting with my team members is invaluable, especially during brainstorming sessions for different strategies. Additionally, discussing ideas with my co-founder, who is also my brother, greatly contributes to my professional journey.

• Your inspiration?

My mom is my role model. About 20-25 years ago, she was involved in currency trading and stocks in Muscat. Her passion for finance inspired me, although she never pushed me. Just seeing her excitement and hearing her stories influenced me subconsciously.