OTPless, a Bengaluru-based identity and access management startup, has announced a significant leadership transition as it prepares for its next phase of growth. Co-founders Satyam Nathani and Tanmay Sagar have been elevated to chief executive officer and chief operating officer, respectively. The move follows the decision of incumbent CEO Bhavik Koladiya to step away and retire after guiding the company through its early scaling phase.
Leadership Transition and New Roles
Under the new structure, Nathani will lead the startup's strategy and expansion, while Sagar will oversee operations and execution. The appointments come as the company enters its next phase of growth, with plans to extend its offerings across authentication, identity, and payments. Koladiya said he intends to retire and expressed confidence that the co-founders are well positioned to guide OTPless forward.
Founder Track Record and Company Origins
Nathani and Sagar founded OTPless in 2021 after dropping out of IIT Delhi and joining BharatPe as founding members. At BharatPe, they contributed to the fintech company's early growth and its journey to becoming a unicorn. Koladiya, who took charge as CEO in January 2023, also co-founded BharatPe and later founded venture capital firm Finix Partners.
Product Capabilities
OTPless offers authentication and identity solutions through software development kits and application programming interfaces. Its product suite includes Silent Network Authentication, WhatsApp Authentication, Device Intelligence, and Passkeys. These capabilities are aimed at reducing dependence on OTPs, PINs, and passwords while enabling enterprises to identify users and prevent fraud during sign-ups and transactions.
Enterprise Adoption
OTPless authenticates more than 300 million mobile users and serves high-growth consumer internet companies including Meesho, Navi, PhysicsWallah, ShareChat, Shiprocket, ixigo, and Zepto. These partnerships span ecommerce, fintech, education, social media, logistics, and travel. The startup's client base reflects demand for reliable identity verification across a diverse range of digital platforms.
Growth Metrics and Profitability
The startup has reached Rs 36 crore in annualised revenue, a figure that represents a 2.5 times increase over the previous year. It has also reported profitability for the past two quarters, supported by a lean team of 12 employees. These milestones highlight the growing demand for identity solutions that combine security with a frictionless user experience.
Recent Capital and Investor Backing
In May 2024, OTPless secured a $3.5 million pre-Series A funding round led by SIDBI, which was intended to support global expansion and product development beyond authentication. To date, the startup has raised $6.5 million from investors including Venture Highway, White Venture, FJ Labs, SIDBI, and Piper Serica. The capital has allowed the company to strengthen its platform and pursue new areas such as authorisation.
Market Context and Next Phase
Digital businesses in India are increasingly adopting passwordless and low-friction authentication methods as online fraud and onboarding costs rise. OTPless operates in this expanding segment by providing identity verification through application programming interfaces and software development kits. The company's focus on Silent Network Authentication and Passkeys reflects a broader industry shift away from traditional one-time passwords.
The elevation of Nathani and Sagar positions OTPless to build on its financial and operational momentum with a clear leadership structure. With a profitable business, a growing client base, and investor support, the startup is moving beyond verification into broader identity and payments use cases. The transition signals maturity for the company as it pursues larger enterprise partnerships and international growth.