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CirclePe raises close to $1 Mn in pre-seed round

EntrackrEntrackr · 1y ago
CirclePe raises close to $1 Mn in pre-seed round
Medial

Fintech startup CirclePe has raised close to $1 million in its pre-seed round led by OTP Ventures, with participation from 1947 Rise, iSeed, IIT Delhi, Venture Catalyst, and founders and CXOs from OfBusiness, BharatPe, Uni Cards, OYO, and others. Led by Navan Jaiswal and Ankur Yadav, CirclePe’s ‘Smart Renting’ solution allows credit-worthy tenants to opt for a zero security-deposit move-in, enjoying the luxury of paying only their monthly rent without any extra charges. By partnering with major proptechs, CirclePe is enabling the smart renting feature for independent retail landlords and co-living operators, providing an easy and hassle-free rental experience. By eliminating the need for heavy security deposits paid by tenants and unlocking capital for landlords and co-living operators, CirclePe aims to disrupt the traditional rental value chain. Suhail Sameer, who is the former CEO of BharatPe, is serving venture capital firm OTP Venture as managing partner. As per a media report, OTP Ventures is also looking to close its debut fund at Rs 400 crore by June.

Beauty brand Asaya raises $1.5 Mn from OTP Ventures and others

EntrackrEntrackr · 1y ago
Beauty brand Asaya raises $1.5 Mn from OTP Ventures and others
Medial

Premium skincare brand Asaya has raised Rs 12 crore ($ 1.5 million) in Seed funding round led by OTP Ventures and Huddle Ventures, with additional investments from Eternal Capital. The funds will be allocated towards melanin-centric research and developing more products that cater to melanin-specific needs, the company said in a press release. Part of the funding will also be utilised to enhance market reach. Launched in September 2023 by Neeraj Biyani (former Co-founder of Paper Boat), Mandeep Bhatia, and Eeti Sharma, Asaya has rapidly expanded its sales and customer base, retailing through its website and online retail platforms like Nykaa, Amazon, Flipkart, and Myntra. Currently, it claims to have more than 11 products and 23 SKUs. According to Biyani, this funding will help us go from 20,000 to over 250,000 consumers in the next 12 months. Suhail Sameer, who is the former CEO of BharatPe, is serving venture capital firm OTP Venture as managing partner. As per a media report, OTP Ventures is also looking to close its debut fund at Rs 400 crore by June. The firm recently led $1 million round in CirclePe.

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

EntrackrEntrackr · 1y ago
Bhavik Koladiya-led OTPless raises $3.5 Mn led by SIDBI
Medial

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.

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