OTPless Raises $3.5M in Pre-Series A Funding Round Led by SIDBI

OTPless Raises $3.5M in Pre-Series A Funding Round Led by SIDBI

OTPless, an authentication and access management platform, has successfully raised $3.5 million in its pre-Series A funding round. The funding was led by SIDBI, with participation from Venture Highway, FJ Labs, and Piper Serica. This brings the total amount raised by OTPless to $6.5 million.Founded by Bhavik Koladiya, Satyam Nathani, and Tanmay Sagar, OTPless is based in Surat and aims to simplify the authentication process for users. The platform enables users to sign up and sign in on websites and apps using methods such as WhatsApp, eliminating the need for one-time passwords (OTPs).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. Developers can easily integrate OTPless's software development kits (SDKs) and application programming interfaces (APIs) into their platforms, allowing them to go live within minutes.The startup boasts more than 5,000 companies and 20,000 developers worldwide who use the platform to authenticate over 30 million users. With the new funding, OTPless plans to expand its global presence and broaden its services beyond authentication and into authorization.

OTPless and its Global Peers

OTPless faces competition from other global players in the authentication and access management space, including Auth0, Clerk, Stytch, Descope, and Transmit Security. These companies provide similar services but may have different features and target different markets.Auth0, for example, offers a comprehensive platform for identity and access management, providing secure authentication and authorization services. Clerk focuses on passwordless authentication, allowing users to sign in without a password using methods such as email magic links or biometric authentication. Stytch offers a developer-friendly platform for user authentication and onboarding, enabling businesses to integrate and customize their authentication workflows easily. Descope and Transmit Security also provide authentication and access management solutions to businesses of all sizes.

OTPless's Funding Journey

This funding round is not the first time that OTPless has attracted investment. In February last year, the startup raised $2.7 million in a seed round from prominent investors such as Neeraj Arora, Kunal Shah, Amrish Rau, Jitendra Gupta, Utsav Somani, Amit Jain, Fabrice Grinda, and Luke Skertich. The support from these investors has allowed OTPless to continue its growth and development in the market.Furthermore, OTPless is part of a group of startups launched by former executives of fintech unicorn BharatPe. This group includes Genwise, Vegapay, Jivi.ai, CubeAPM, GrowthCap Venture, Eternal Capital, and OTP Ventures. These startups have also received funding and are making their mark in various sectors of the fintech industry.Overall, OTPless's innovative approach to authentication and access management has attracted significant funding and interest from both investors and developers. With the additional funding from this pre-Series A round, OTPless is well-positioned to expand its global presence and further enhance its services.