VC Fund Investments
Authentication mgmt platform OTPless raises $3.5 M led by SIDBI
Surat-based authentication and access managemen t platform OTPless has raised USD 3.5 million in its pre-Series A funding round led by SIDBI. Venture Highway, FJ Labs, and Piper Serica also joined the funding round. With a team of 50 members, OTPless plans to use the new funds to expand its global presence and services beyond authentication and into authorization.With this, OTPless has raised USD 6.5 million. The startup had raised USD 2.7 million in seed round in February last year from Neeraj Arora, Kunal Shah, Amrish Rau, Jitendra Gupta, Utsav Somani, Amit Jain, Fabrice Grinda, and Luke Skertich.Founded by Bhavik Koladiya, Satyam Nathani and Tanmay Sagar, OTPless enables users to sign up and sign in on websites and apps via WhatsApp and other methods. This approach simplifies the process for users and weeds out the need for OTPs. OTPless claims that more than 5,000 companies and 20,000 developers worldwide use the platform to authenticate over 30 million users.
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