OTPless Secures $3.5 Million to Eradicate One-Time Passwords

OTPless, a rising star in the authentication and access management space, has successfully secured $3.5 million in a pre-Series A funding round. This round, led by the Small Industries Development Bank of India (SIDBI), marks a significant milestone for the Surat-based company. Additional participation came from prominent venture capital firms Venture Highway, FJ Labs, and Piper Serica. With this latest infusion, OTPless’ total funding climbs to $6.5 million.

Building on Early Success: Seed Round and Market Landscape

This funding round follows OTPless’ impressive seed round of $2.7 million secured in February 2023. Notable investors from that round included established figures like Neeraj Arora, Kunal Shah, Amrish Rau, and Jitendra Gupta. OTPless operates in a dynamic market, competing with established players like Auth0, Clerk, Stytch, Descope, and Transmit Security.

A Team on a Mission: Global Expansion and Service Diversification

Led by co-founder and CEO Bhavik Koladiya, OTPless boasts a team of 50 passionate individuals. The company intends to leverage the newly acquired funds to fuel global expansion aspirations. Additionally, OTPless plans to extend its service offerings beyond authentication and venture into the realm of authorization.

Simplifying User Onboarding: Eliminating OTP Hassle

Founded by Koladiya, Satyam Nathani, and Tanmay Sagar, all former executives of the fintech unicorn BharatPe, OTPless offers a user-centric approach to authentication. Users can sign up and log in to websites and apps seamlessly through familiar platforms like WhatsApp, eliminating the need for cumbersome one-time passwords (OTPs).

Offering Developers Flexibility and Control

OTPless goes beyond a singular approach, supporting a diverse range of social sign-in methods. This includes integration with Google, iMessage, Microsoft, Github, Slack, and UPI. Additionally, the platform embraces modern protocols like Passkeys, Network Auth, Protected SMS, and device fingerprinting, ensuring robust security measures. Integration for developers is streamlined through OTPless’ readily available SDKs and APIs. Pre-built user interfaces further expedite the process, allowing developers to go live within minutes.

Reaching a Global Audience

OTPless boasts an impressive user base, with claims that over 5,000 companies and 20,000 developers worldwide utilize their platform. This network facilitates the authentication of more than 30 million users globally.

Emerging from a Prominent Fintech Ecosystem

OTPless represents a recent success story within the thriving BharatPe ecosystem. Notably, this funding round adds to a growing list of ventures launched by former BharatPe executives. These ventures include startups like Jivi.ai, CubeAPM, GrowthCap Venture, Eternal Capital, and OTP Ventures, the latter aiming to secure a debut fund of Rs 400 crore.