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OTPless secures $3.5 million in funding to revolutionize user authentication

Funding Alert

No OTPa promising customer identity and access management startup founded by Bhavik Koladiya, co-founder of BharatPe, has successfully raised $3.5 million in a pre-Series A funding round. The investment was led by Small Industries Development Bank of India (Sidbi) with additional participation from Venture Highway, FJ Labs and Piper Serica.

The new capital infusion will support OTPless as it expands its global footprint and expands its suite of services to include not only user authentication but also authorization. This strategic move will allow the company to not only verify user identities, but also manage the permissions and access levels they have. Bhavik Koladiya emphasized the company’s commitment to increasing the security and simplicity of user authentication. «Our vision is to revolutionize user authentication by making it easier, faster and more secure,» said Koladiya. «This funding will help us expand our operations and improve our technology to meet growing global demand.»

With this latest round of funding, OTPless has now raised a total of $6.5 million. The startup is particularly known for its innovative approach to removing one-time passwords (OTPs), which offers a number of alternative authentication methods such as logging in through popular accounts like Google, iMessage, Microsoft and others, along with modern protocols including passkeys. and network authorization.

OTPless technology also features a unique silent network authentication system, developed in collaboration with telecom operators, that seamlessly authenticates users without any active input and leverages mobile networks for a seamless experience.

The company’s robust platform is already used by more than 5,000 companies and 20,000 developers worldwide, providing authentication for more than 30 million users. «We are committed to providing the best possible experience for our users and partners, and this investment will allow us to continue to innovate and expand our capabilities,» added Koladiya.

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Debraj Banerjee, Senior Fund Manager at Sidbi Venture Capital Limited, expressed his excitement about the partnership, saying, “Their innovative approach aligns with our commitment to driving technological advancements that enhance security and user experience. We believe OTPless has the potential to become a global leader in IAM and are excited to be a part of their journey.”

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