OTPless intends to use the fresh cash to expand its global presence and services beyond authentication and into authorization. It also intends to use the fresh money to challenge existing players like Auth0, Clerk, and Stytch. OTPless substitutes One-Time Passwords with alternatives such as WhatsApp, easing the sign-up and sign-in procedure for websites and apps.
The authentication and access management platform OTPless has raised $3.5 million in a pre-Series A fundraising round led by SIDBI, with participation from Venture Highway, FJ Labs, and Piper Serica.
The business intends to use the new cash to expand its global footprint and services beyond authentication and into authorization. It will also use the proceeds to take on established firms like Auth0, Clerk, Stytch, Descope, and Transmit Security. Okta, the largest identification business, paid $6.5 billion to purchase Auth0.
“Our objective is to make user authentication simpler, faster, and more secure. This money will allow us to scale our operations and improve our technology to meet rising global demand,” stated Bhavik Koladiya, cofounder and CEO 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 continued.
OTPless, led by Koladiya, Tanmay Sagar, and Satyam Nathan, founders of financial unicorn BharatPe, does away with the requirement for One-Time Passwords. Instead, OTPless allows users to sign up and sign in to websites and apps using WhatsApp and other means, providing a more 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 authentication, and advanced security features to protect against emerging threats.
OTPless has raised a total of $6.5 million with this. In February of last year, the Surat-based business raised $2.7 million in seed capital 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 estimated to grow from $15.7 billion in 2023 to $32.6 billion in 2028.
