OTPless Appoints Co-founders as CEO and COO in Leadership
Identity startup OTPless has promoted co-founders Satyam Nathani to CEO and Tanmay Sagar to COO as CEO Bhavik Koladiya steps away.
OTPless has elevated its co-founders Satyam Nathani and Tanmay Sagar to the roles of CEO and Chief Operating Officer respectively. The move comes as the incumbent CEO, Bhavik Koladiya, steps away from the identity and access management startup.
Koladiya told Inc42 that he plans to retire, though he did not elaborate on his future plans. In a LinkedIn post, he described his entrepreneurial journey as "exhilarating and exhausting" and expressed confidence in Nathani and Sagar leading the company forward.
New Leadership Roles
Under the new structure, Satyam Nathani will lead the startup's strategy and expansion efforts. Tanmay Sagar will oversee its operations and execution. The appointments are part of OTPless's plan to expand its offerings across authentication, identity, and payments.
The Bengaluru-based startup was founded in 2021 by Nathani and Sagar. Bhavik Koladiya, who co-founded fintech unicorn BharatPe and later founded VC firm Finix Partners, took charge as CEO in January 2023. Both Nathani and Sagar were also founding members of BharatPe.
Business Model and Clientele
OTPless provides authentication services to consumer internet enterprises through its software development kits (SDKs) and application programming interfaces (APIs). Its products include silent network authentication, WhatsApp authentication, device intelligence, and passkeys.
These services aim to reduce reliance on one-time passwords (OTPs), PINs, and traditional passwords. The company says its technology helps enterprises identify users, prevent fraud, and improve conversion rates during sign-ups and transactions.
OTPless claims to authenticate more than 300 million mobile users. Its client roster includes companies such as Meesho, Navi, PhysicsWallah, ShareChat, Shiprocket, ixigo, and Zepto.
Financial Performance and Funding
The leadership transition coincides with what the company claims are strong financial results. OTPless says it has reached an annualised revenue of ₹36 crore, which it states is a 2.5 times increase over the previous year. The startup also claims to have been profitable for the past two quarters.
To date, OTPless has raised over $6 million in funding. Its investors include Venture Highway, White Venture, FJ Labs, SIDBI, and Piper Serica.
The company last raised $3.5 million in a pre-Series A round led by SIDBI in May 2024. At that time, OTPless said it would use the capital to expand globally and extend its product suite beyond authentication into authorisation.
