OTPless, an innovative authentication and access management platform, has successfully raised $3.5 million in its pre-Series A funding round.
The round was led by the Small Industries Development Bank of India (SIDBI), as announced by the company’s co-founder and CEO, Bhavik Koladiya.
The funding round also saw participation from Venture Highway, FJ Labs, and Piper Serica, marking OTPless’s first institutional funding round. This latest investment brings the total funds raised by OTPless to $6.5 million.
Previously, the Surat-based startup had raised $2.7 million in a seed round in February last year, with notable investors including Neeraj Arora, Kunal Shah, Amrish Rau, Jitendra Gupta, Utsav Somani, Amit Jain, Fabrice Grinda, and Luke Skertich.
OTPless, founded by Koladiya along with Satyam Nathani and Tanmay Sagar, former executives of fintech unicorn BharatPe, aims to revolutionize user authentication.
The platform enables users to sign up and sign in on websites and apps via WhatsApp and other methods, eliminating the need for OTPs and streamlining the user experience.
Koladiya stated that the new funds will be used to expand OTPless’s global presence and extend its services beyond authentication into authorization. The startup’s competitors in the global market include Auth0, Clerk, Stytch, Descope, and Transmit Security, among others.
OTPless supports various social sign-in methods, including Google, iMessage, Microsoft, GitHub, Slack, UPI, and modern protocols like Passkeys, Network Auth, Protected SMS, and Device Fingerprinting.
The company claims that its SDKs and APIs can be easily integrated by developers, allowing them to go live within minutes using pre-built UIs.
The platform is currently used by over 5,000 companies and 20,000 developers worldwide, authenticating more than 30 million users.
OTPless is one of the recent startups from the BharatPe alumni network to secure significant funding. Other notable startups include CrickPe, which raised seed money led by ZNL Growth Fund, and Genwise and Vegapay, both of which announced their maiden fundraise last year.
The ecosystem of startups and venture funds launched by former BharatPe executives also includes Jivi.ai, CubeAPM, GrowthCap Venture, Eternal Capital, and OTP Ventures. GrowthCap Venture and Eternal Capital have already announced their maiden funds, while Suhail Sameer-led OTP Ventures is aiming to secure Rs 400 crore for its debut fund.
