Nothing, the London-based consumer electronics startup founded in 2020 by Carl Pei, has successfully raised $200 million in a Series C round led by Tiger Global. The new injection pushes the company’s valuation to $1.3 billion.
Joining in this round are new strategic backers: Qualcomm Ventures and Nikhil Kamath (co-founder of Zerodha), along with existing investors like GV, Highland Europe, EQT, Latitude, I2BF, and Tapestry.
Why This Matters: Strategy & Ambitions
- Nothing has crossed US$1 billion in cumulative sales as of early 2025 and shipped millions of devices across categories such as smartphones, audio (earbuds/headphones), and wearables.
- The new funds will be used to accelerate its AI-native platform strategy, integrating hardware and software more closely with capabilities such as personalization, smart OS features, and exploring new device categories.
- Beyond phones, the roadmap includes expansions into smart glasses, robots, electric vehicles (EVs), and more innovative form factors.
Nikhil Kamath’s Role & Implications
- Having Nikhil Kamath as a strategic backer is notable since he is a high-profile Indian investor and co-founder of Zerodha, which adds credibility, especially for Nothing’s expansion in India and possibly Asia.
- His participation likely signals confidence in Nothing’s vision of merging AI capability with consumer hardware, especially in markets where Kamath’s networks and influence have weight.
Challenges & What to Watch
- Competition: Established players (Apple, Samsung, Xiaomi, etc.) are also pushing hard in AI and hardware. Differentiation will be key. TechCrunch
- Performance & Execution: Scaling hardware manufacturing and supply chain while keeping design, user experience, and cost under control is difficult.
- AI Integration: Building AI features that genuinely add value (not just flashy) and maintaining user trust (privacy, reliability, fairness) will matter.
- Valuation & Investor Expectations: With a high valuation now, anything short of steady growth or missed targets could lead to scrutiny or valuation adjustments.
Bigger Picture
- This funding push and strategic backing reflect a growing trend: hardware startups embedding AI and pushing for smarter devices rather than merely incremental upgrades.
- India’s tech investors are becoming more international in outlook. Kamath’s involvement with Nothing underscores how Indian capital is playing a larger role in global tech financing.
- The move could help Nothing deepen its presence in India, both in sales and product localization, given investor alignment.
Conclusion
The $200 million raise by Nothing, with Nikhil Kamath among its new strategic backers, marks a significant milestone. It positions the company to aggressively compete in the evolving AI-native consumer hardware landscape. Execution will be crucial: delivering innovative, reliable products while scaling up operations and entering new device categories. For Kamath, it’s another investment signaling confidence in global hardware + AI convergence.
