Surat, India – OTPless, an innovative authentication and access management platform, has raised $3.5 million in its pre-Series A funding round. This round was spearheaded by the Small Industries Development Bank of India (SIDBI), with notable participation from Venture Highway, FJ Labs, and Piper Serica. The recent funding brings OTPless’s total raised capital to $6.5 million.
OTPless, founded by Bhavik Koladiya, Satyam Nathani, and Tanmay Sagar, former executives of fintech unicorn BharatPe, aims to revolutionize user authentication by eliminating the need for One-Time Passwords (OTPs). The platform allows users to sign up and sign in on websites and apps through WhatsApp and other methods, streamlining the process and enhancing user experience.
The startup, which boasts a team of 50 members, plans to utilize the new funds to broaden its global footprint and extend its services from authentication into authorization. “We see significant potential in expanding our service offerings beyond authentication, and this funding will help us accelerate our global growth,” said CEO Bhavik Koladiya.
OTPless supports various social sign-in methods, including Google, iMessage, Microsoft, Github, Slack, UPI, and modern protocols such as Passkeys, Network Auth, Protected SMS, and Device fingerprinting. The company emphasizes the ease of integration for developers, offering SDKs and APIs that allow for quick deployment using pre-built UIs.
The platform currently serves over 5,000 companies and 20,000 developers worldwide, facilitating the authentication of more than 30 million users. In the competitive identity management market, OTPless stands alongside global peers such as Auth0, Clerk, Stytch, Descope, and Transmit Security.
This funding round marks a significant milestone for OTPless, joining a growing list of startups led by former BharatPe executives who have secured substantial funding. CrickPe, led by Ashneer Grover, Genwise, and Vegapay, has also announced its initial fundraising efforts.
Additionally, several venture funds and startups founded by ex-BharatPe executives, such as Jivi.ai, CubeAPM, GrowthCap Venture, Eternal Capital, and OTP Ventures, have gained traction. GrowthCap Venture and Eternal Capital have already announced their maiden funds, while Suhail Sameer-led OTP Venture aims to secure Rs 400 crore for its debut fund.
The success of OTPless underscores the solid entrepreneurial ecosystem emerging from BharatPe’s alum network, reflecting their ability to innovate and attract significant investment in the competitive tech landscape.
