Khaitan & Co Advised SIDBI Venture Capital Ltd On $3.5 Million Investment In OTPless Solutions
Khaitan & Co Advised SIDBI Venture Capital Ltd On $3.5 Million Investment In OTPless Solutions
Khaitan & Co has successfully advised SIDBI Venture Capital Ltd on its investment in OTPless Solutions Private Limited (OTPless), an innovative authentication and access management platform, as part of a pre-Series A funding round totaling USD 3.5 million. The funding round was led by SIDBI, with significant contributions from Venture Highway, FJ Labs, and Piper Serica.
OTPless is transforming the authentication landscape by replacing traditional One-Time Passwords (OTPs) with innovative alternatives such as WhatsApp. With the newly secured capital, the startup plans to expand its global presence and extend its services beyond authentication into authorization. This funding will be strategically used to compete with industry leaders like Auth0, Clerk, Stytch, Descope, and Transmit Security.
The investment will empower OTPless to innovate and broaden its service offerings. The aim is to streamline the sign-up and sign-in processes for websites and applications, thereby enhancing the overall user experience by making it more seamless and secure.
The Khaitan & Co team, which played a pivotal role in advising SIDBI Venture Capital Ltd on this investment, comprised Partner Sanchit Agarwal, Principal Associate Pulkit Chaturvedi, Senior Associate Jubin Jay, and Associate Shreshth Singh Tomar.
