Total amount raised
$6.2 Million
Latest funding date
05/01/2024
Location
OTPless has successfully raised funding over two rounds, with the latest being a Seed round. The company is backed by 12 investors, including SIDBI Venture Capital and Venture Highway.
Keep reading to explore the intricacies of OTPless's fundraising journey and the investors backing this innovative platform.
What Is OTPless?
OTPless is a software company based in Delhi, India, specializing in SaaS products that enable users to log into various platforms using WhatsApp. The company operates in the FinTech, SaaS, and Software industries.
Founded in an unspecified year, OTPless has a team of 11-50 employees. The company has successfully raised funding through multiple rounds, with notable investors including SIDBI Venture Capital and Venture Highway.
How Much Funding Has OTPless Raised?
- Seed Round
- Amount Raised: USD 2,700,000
- Date: May 2023
- Lead Investors: Neeraj Arora, Fabrice Grinda, Luke Skertich, Amrish Rau, Kunal Shah, Jitendra Gupta, Utsav Somani, Amit Jain
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The initial funding was aimed at developing and launching the platform.
- Seed Round
- Amount Raised: USD 3,500,000
- Date: May 2024
- Lead Investors: SIDBI Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funding was used to expand OTPless's global reach and extend its services beyond authentication into authorization.
Total Amount Raised: USD 6,200,000. Current Valuation: Not publicly disclosed.
Key Investors
- SIDBI Venture Capital
- Details: SIDBI Venture Capital Ltd (SVCL) is a venture capital company that focuses on supporting innovative startups and fostering technological advancements.
- Investment Focus Areas: Technological advancements, security, user experience, Indian BFSI sector.
- Notable Investments: Various MSMEs across India.
- Amit Jain
- Details: Amit Jain is a prominent investor known for his involvement in various startups and technology companies.
- Investment Focus Areas: Technology, fintech, consumer internet.
- Notable Investments: Not publicly disclosed.
- Amrish Rau
- Details: Amrish Rau is a well-known figure in the fintech industry, having held leadership roles in several successful companies.
- Investment Focus Areas: Fintech, payments, technology.
- Notable Investments: Not publicly disclosed.
- Fabrice Grinda
- Details: Fabrice Grinda is a serial entrepreneur and investor, co-founder of FJ Labs, and has invested in numerous startups globally.
- Investment Focus Areas: Marketplaces, e-commerce, SaaS.
- Notable Investments: Alibaba, Flexport, Betterment.
- Jitendra Gupta
- Details: Jitendra Gupta is a fintech entrepreneur and investor, known for founding and scaling successful financial technology companies.
- Investment Focus Areas: Fintech, banking, technology.
- Notable Investments: Not publicly disclosed.
What's Next for OTPless?
OTPless is poised to capitalize on the growing demand for secure and user-friendly authentication methods. With over 5,000 companies and 20,000 developers already using its platform, the company is well-positioned to expand its global reach and extend its services beyond authentication to include authorization. This expansion presents a significant opportunity, given the booming market for identity and access management solutions.
Future fundraising opportunities appear promising, as the successful pre-Series A round indicates strong investor interest. OTPless is likely to attract further investments to support its global expansion and technological advancements. However, the company will need to navigate challenges such as competition from established players and maintaining robust security measures while scaling operations.
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