OTPless Secures USD 3.5 Mn In Pre-Series A Round To Expand Authentication Platform

New Delhi, May 17 (KNN) OTPless, a Surat-based authentication and access management platform, has raised USD 3.5 million in a pre-Series A funding round led by the Small Industries Development Bank of India (SIDBI), according to co-founder and CEO Bhavik Koladiya.

The start-up’s maiden institutional round also saw participation from investors Venture Highway, FJ Labs, and Piper Serica. With this latest influx of capital, OTPless has now raised a total of USD 6.5 million to date.

In February 2022, the company secured USD 2.7 million in a seed round from notable investors including Neeraj Arora, Kunal Shah, Amrish Rau, Jitendra Gupta, Utsav Somani, Amit Jain, Fabrice Grinda, and Luke Skertich.

Koladiya stated that the fresh funds will be utilised to expand OTPless's global footprint and broaden its service offerings beyond authentication and into authorisation. The start-up currently has a team of 50 employees.

Founded in 2022 by Koladiya, Satyam Nathani, and Tanmay Sagar – former executives of fintech unicorn BharatPe – OTPless enables users to sign up and sign in on websites and apps via WhatsApp and other methods, eliminating the need for one-time passwords (OTPs).

The platform supports various social sign-in protocols, including Google, iMessage, Microsoft, Github, Slack, UPI, Passkeys, Network Auth, Protected SMS, and device fingerprinting. According to the company, developers can seamlessly integrate OTPless's SDKs and APIs, going live within minutes using pre-built user interfaces.

OTPless claims that over 5,000 companies and 20,000 developers worldwide leverage the platform to authenticate more than 30 million users.

The start-up emerges from the BharatPe ecosystem, which has recently spawned several ventures helmed by former employees, such as CrickPe, Genwise, Vegapay, Jivi.ai, CubeAPM, GrowthCap Venture, Eternal Capital, and OTP Ventures.

(KNN Bureau)