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Bhavik Koladiya-led OTPless raises $3.5 Mn led by SIDBI

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Authentication and access management platform OTPless has raised $3.5 million in its pre-Series A funding round led by SIDBI, said its co-founder and chief executive officer Bhavik Koladiya. Venture Highway, FJ Labs, and Piper Serica also joined the firm’s maiden institutional round. With this, OTPless raised $6.5 million to date. The Surat-based startup raised $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. With a team of 50 members, OTPless plans to use the new funds to expand its global presence and service beyond authentication and into authorization, said Kodaliya. Its global peers include Auth0, Clerk, Stytch, Descope and Transmit Security and a few others. Founded by Koladiya, Satyam Nathani and Tanmay Sagar, former executives of fintech unicorn BharatPe, 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. The startup 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. As per the company, developers can easily integrate OTPless’s SDKs and APIs, going live within minutes using pre-built UIs. OTPless claims that more than 5,000 companies and 20,000 developers worldwide use the platform to authenticate over 30 million users. OTPless is a recent startup from BharatPe’s group which managed to raise significant funding. For record, CrickPe, led by Ashneer Grover, raised seed money led by ZNL Growth Fund. Last year, Genwise and Vegapay also announced their maiden fundraise after launch. The list of startups and venture funds launched by former BharatPe executives includes Jivi.ai, CubeAPM, GrowthCap Venture, Eternal Capital and OTP Ventures. While Growth Cap Venture and Eternal Capital already announced their maiden fund, Suhail Sameer-led OTP Venture is aiming to secure Rs 400 crore for its debut fund.