Authentication & access management platform OTPless raised $3.5 M Pre-series A funding from SIDBI
According to co-founder and CEO Bhavik Koladiya, OTPless, an authentication and access management platform, has raised $3.5 million in its pre-Series A funding round, which was spearheaded by SIDBI.
Piper Serica, FJ Labs, and Venture Highway also participated in the company’s first institutional fundraising round. OTPless has raised $6.5 million with this to date.
In February of last year, the startup situated in Surat raised $2.7 million through a seed round led by Neeraj Arora, Fabrice Grinda, Luke Skertich, Amrish Rau, Kunal Shah, Jitendra Gupta, Utsav Somani, and Amit Jain.
According to Kodaliya, OTPless, which employs 50 people, intends to use the additional funding to extend its global reach and service beyond authentication and into authorization. Auth0, Clerk, Stytch, Descope, Transmit Security, and a few more are some of its international peers.
OTPless was founded by Tanmay Sagar, Satyam Nathani, and Koladiya, three former executives of the fintech unicorn BharatPe. It allows users to sign up and sign in on websites and apps using various methods, including WhatsApp. With this method, users can streamline the process and eliminate the requirement for OTPs.
In addition to contemporary protocols like Passkeys, Network Auth, Protected SMS, and Device Fingerprinting, the startup supports a variety of social sign-in methods, including Google, iMessage, Microsoft, Github, Slack, and UPI. Using pre-built user interfaces, developers can go live with OTPless’s SDKs and APIs in a matter of minutes, according to the company.
OTPless states that over 20,000 developers and over 5,000 businesses use the platform to authenticate over 30 million users globally.
A recent startup from BharatPe’s group, OTPless, successfully raised a substantial amount of capital. Ashneer Grover led CrickPe in raising seed money, which was led by ZNL Growth Fund, for the record. After launching last year, Genwise and Vegapay also disclosed their first fundraising effort. Former executives of BharatPe have founded a number of startups and venture capital funds, including Jivi.ai, CubeAPM, GrowthCap Venture, Eternal Capital, and OTP Ventures. The first funds of Growth Cap Venture and Eternal Capital have already been announced, but OTP Venture, led by Suhail Sameer, is looking to raise Rs 400 crore.
