London-based consumer tech company Nothing on Tuesday said it has raised $200 million in its latest Series C funding round, to achieve a closing valuation of $1.3 billion, as the India market remains at the heart of its growth plans.
The funding round saw new strategic backing from Zerodha Co-founder Nikhil Kamath and Qualcomm Ventures.
The new funding gives Nothing the foundation to accelerate product innovation and deepen investment into AI-native products to continue their global expansion, according to Nothing Technology CEO Carl Pei.
“This milestone marks the start of our next phase: From being the only independent smartphone company to emerge in the last decade, towards building an AI-native platform in which hardware and software converge into a single intelligent system,” he mentioned.
In four years, the company have shipped millions of devices, began 2025 crossing more than $1 billion in total sales, while growing 150 per cent in 2024.
India has already become a major market for Nothing and a key part of its growth strategy. According to Counterpoint Research, the brand saw an impressive 577 per cent year-on-year (YoY) growth in the country in 2024.
Nothing is also considering ramping up exports from India. Pei said recently that that the company is exploring the option of exporting more from India to reduce the risks caused by changing international trade policies.
The company has been focusing on local manufacturing under the ‘Make in India’ initiative. Its recent devices, Phone 3a and Phone 3a Pro, are assembled in India. This focus on domestic production is expected to help the company manage costs and respond quickly to changes in the global supply chain.
“For AI to reach its full potential, consumer hardware must reinvent itself alongside it. This is the opportunity we see for Nothing. We see a future where operating systems are significantly different from the ones today. Each system will know its user deeply, and be hyper-personalised to each individual. Interfaces will adapt to our context and needs,” according to Pei.
