OTPless Names Satyam Nathani CEO As Bhavik Koladiya Steps Away
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Identity and access management startup OTPless has elevated cofounders Satyam Nathani and Tanmay Sagar as CEO and COO, respectively, as incumbent CEO Bhavik Koladiya steps away.
Koladiya told Inc42 that he plans to retire but did not comment further on his future plans.
Under the new leadership structure, Nathani will lead the startup’s strategy and expansion, while Sagar will oversee its operations and execution. OTPless said the appointments come as it looks to expand its offerings across authentication, identity, and payments.
In a LinkedIn post announcing the leadership transition, Koladiya described his entrepreneurial journey as “exhilarating and exhausting”. He also expressed confidence in Nathani and Sagar leading OTPless through its next phase of growth.
Before joining OTPless, Koladiya cofounded fintech unicorn BharatPe and later founded VC firm Finix Partners.
OTPless was founded in 2021 by Nathani and Sagar, with Koladiya taking charge as CEO in January 2023. Nathani and Sagar were founding members of BharatPe.
The Bengaluru-based startup helps consumer internet enterprises offer authentication services through its SDKs and APIs. Its offerings include silent network authentication, WhatsApp authentication, device intelligence, and passkeys.
These offerings are aimed at reducing dependence on OTPs, PINs, and passwords while enabling enterprises to identify users, prevent fraud, and improve conversion during sign-ups and transactions.
OTPless claims to authenticate more than 300 Mn mobile users and serve enterprises including Meesho, Navi, PhysicsWallah, ShareChat, Shiprocket, ixigo, and Zepto.
It said it has reached ₹36 Cr in annualised revenue, representing a 2.5X increase over the previous year. The startup also claimed to have been profitable for the past two quarters.
OTPless has raised over $6 Mn to date from Venture Highway, White Venture, FJ Labs, SIDBI , Piper Serica, among others.
It last raised $3.5 Mn in a pre-Series A funding round led by SIDBI in May 2024. At the time, OTPless said it would use the capital to expand globally and extend its product suite beyond authentication into authorisation.
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