Summary
- OTPless with its recent round of plans to use the recently acquired funds to expand globally and diversify its services beyond its flagship authentication offering demonstrating a strategic shift towards offering a wider range of services.
- The startup intends to utilize the new funding to challenge established industry leaders like Auth0, Clerk, and Stytch
- OTPless sets itself apart by replacing traditional One-Time Passwords (OTPs) with modern solutions like WhatsApp, improving user experiences by simplifying the sign-up and sign-in processes on websites and apps, thereby streamlining authentication procedures for users.
Introduction
OTPless customer identity and access management or IAM startup founded by Bhavik Koladiya ex BharatPe raised $3.5 million in a pre-Series A funding round. The round of investment was led by the Small Industries Development Bank of India (Sidbi), which saw an active participation from mutiple investors like Venture Highway, FJ Labs, and Piper Serica. This round funding will enable OTPless to expand its global presence and service beyond authentication and into authorisation which will taken on players such as Auth0, Clerk, Stytch, Descope, and Transmit Security.
Technology
OTPless’s technology features a unique silent network authentication system, developed in collaboration with telecom operators, which authenticates users seamlessly without any active input, leveraging mobile networks for a frictionless experience and realtime response This approach has made OTPless a potential game-changer in the identity and access management (IAM) space with billions of transction happening everyday . The platform works on various social sign-in methods such as Google, iMessage, Microsoft, Github, Slack, and UPI etc .
Current Growth
Within one year OTPless has emerged as a leader in the IAM space in niche domain . Its platform 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. Developers across globe can easily integrate OTPless’s SDKs and APIs, going live within minutes with the help of pre-built UIs or customise it from scratch. OTPless currently authenticates more than 30 million users, boasting conversion rates of up to 98% due to its streamlined, rule-based smart authentication process and accepted worldwide
The Indian startup’s success is a testament to its commitment of world class innovation and customer satisfaction without making too much noise . OTPless’s technology has been designed to provide a seamless and secure experience for users, making it an attractive option for businesses looking to improve their customer identity and access management. and customer experience With this fresh funding, OTPless is poised to continue its rapid growth and expansion, further solidifying its position as a major player in the IAM space .