OTPless plans to use the new funds to expand its global presence and service beyond authentication and into authorisation
It also plans to use the new funds to challenge established players such as Auth0, Clerk, Stytch
OTPless replaces One-Time Passwords with alternative methods like WhatsApp, streamlining the sign-up and sign-in process for websites and apps
Authentication and access management platform OTPless has secured $3.5 Mn in its pre-Series A funding round led by SIDBI, along with participation from Venture Highway, FJ Labs and Piper Serica.
The startup plans to use the fresh funds to expand its global presence and service beyond authentication and into authorisation. It will also deploy the proceeds to challenge established players such as Auth0, Clerk, Stytch, Descope and Transmit Security. The largest identity company Okta acquired Auth0 for $6.5B.
“Our vision is to revolutionise user authentication by making it simpler, faster, and
more secure. This funding will help us scale our operations and enhance our
technology to meet the growing global demand,” said Bhavik Koladiya, cofounder and chief executive officer of OTPless.
“We are committed to providing the best possible experience for our users and partners, and this investment will enable us to continue innovating and expanding our capabilities,” he added further.
Led by Koladiya, Tanmay Sagar and Satyam Nathan, founding members of fintech unicorn BharatPe, OTPless eliminates the need for One-Time Passwords (OTPs). Instead, OTPless enables users to sign up and sign in on websites and apps via WhatsApp and other methods, offering a seamless and secure authentication experience.
The startup offers a platform that 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 SDKs and APIs, going live within minutes using pre-built UIs or customise from scratch.
OTPless plans to introduce new features and integrations that will further simplify the authentication process for users and developers. These include additional social sign-in options, enhanced biometric authentication methods, passkeys, adaptive auth and advanced security features to protect against emerging threats.
With this, OTPless raised $6.5 Mn to date. In February last year, the Surat-based startup raised $2.7 Mn in its seed funding round from Neeraj Arora, Kunal Shah, Amrish Rau, Jitendra Gupta, Utsav Somani, Amit Jain, Fabrice Grinda, and Luke Skertich.
The global Identity and Access Management Market is expected to increase from $15.7 Bn in 2023 to $32.6 Bn by 2028.
Meanwhile, Indian startup funding grew in the month of April. Between April 1 and 26, Indian startups raised $868 Mn, up 15% from $754 Mn in March. This is despite the funding hitting a five-year low of $512 Mn in January this year.
