Total amount raised
$6.2 Millions
Latest funding date
05/01/2024
Location
OTPless has successfully raised $3.5 million in a pre-Series A funding round led by SIDBI Venture Capital, with participation from 11 other investors. The platform offers a variety of authentication methods, including silent network authentication, WhatsApp auto-read, SMS auto-read, email magic links, social logins, and biometric passkeys.
Keep reading to explore the intricacies of OTPless's fundraising journey and the investors backing this innovative platform.
What Is OTPless?
OTPless, founded in 2021, is a software company based in Delhi, India. The company specializes in providing seamless login experiences through various authentication methods, including WhatsApp-based logins. With a team of 11-50 employees, OTPless focuses on speed, security, and ease of integration for its users.
How Much Funding Has OTPless Raised?
- Seed Round
- Amount Raised: $2.7M
- Date: May 10, 2023
- Lead Investors: Amit Jain, Amrish Rau, Fabrice Grinda, Jitendra Gupta, Kunal Shah, Luke Skertich, Neeraj Arora, Utsav Somani
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The initial funding was likely aimed at developing the platform and establishing its market presence.
- Pre-Series A Round
- Amount Raised: $3.5M
- Date: May 16, 2024
- Lead Investors: SIDBI Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funding will be used to expand OTPless's global reach and extend its services beyond authentication to include authorization.
Total Amount Raised: $6.2M. Current Valuation: Not publicly disclosed.
Key Investors
- SIDBI Venture Capital
- Details: SIDBI Venture Capital is the venture capital arm of the Small Industries Development Bank of India (SIDBI), focusing on funding and supporting small and medium enterprises (SMEs) in India.
- Investment Focus Areas: SMEs, technology, innovation-driven enterprises.
- Notable Investments: Various SMEs and technology-driven enterprises in India.
- Venture Highway
- Details: Venture Highway is an early-stage venture capital firm that invests in technology startups in India and the US.
- Investment Focus Areas: Technology startups, early-stage investments.
- Notable Investments: Meesho, Moglix, ShareChat.
- FJ Labs
- Details: FJ Labs is a venture capital firm and startup studio that invests in early-stage companies, particularly in the online marketplace and consumer internet sectors.
- Investment Focus Areas: Online marketplaces, consumer internet, early-stage companies.
- Notable Investments: Alibaba, Flexport, Rappi.
- Piper Serica
- Details: Piper Serica is an investment firm that focuses on long-term investments in high-growth companies.
- Investment Focus Areas: High-growth companies, long-term investments.
- Notable Investments: High-quality companies across various sectors.
- Amit Jain
- Details: Amit Jain is an individual investor known for his involvement in various technology and SaaS startups.
- Investment Focus Areas: Technology, SaaS startups.
- Notable Investments: Not publicly disclosed.
What's Next for OTPless?
OTPless is poised for significant growth as it expands its global reach and extends its services beyond authentication to include authorization. With over 20,000 developers and 5,000 businesses already using its platform, the company is well-positioned to capitalize on the increasing demand for seamless and secure authentication solutions. The recent $3.5 million pre-Series A funding round, led by SIDBI Venture Capital, underscores investor confidence in OTPless's potential.
Future fundraising opportunities appear promising, with the potential for Series A and subsequent rounds to support continued expansion and development. The supportive network of former BharatPe executives and their venture funds further enhances OTPless's prospects for securing additional investments. However, the company will need to navigate challenges such as competition from established players like Auth0 and ensuring robust security measures while scaling operations globally.
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