NEW DELHI: UK-based smartphone maker Nothing Technology Ltd said on Tuesday that it has raised $200 million in a Series C funding round, bringing its valuation to $1.3 billion. The company also makes its phones in India at its Chennai plant.
The round was led by Tiger Global, with participation from existing investors GV, Highland Europe, and EQT. New strategic backing also came from Nikhil Kamath and Qualcomm Ventures. The company said in a press note that it plans to venture into the AI space, aiming to create products where hardware and software work together as one system.
“Today, we’re announcing new funding––USD $200M in our Series C round at a USD $1.3B valuation. 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,” said Carl Pei, CEO and Co-founder of Nothing.
Nothing, a four-year-old company, reported that it crossed $1 billion in total sales at the beginning of 2025. Over the past four years, it has shipped millions of devices and saw 150% growth in 2024. Carl Pei noted that while AI has made revolutionary progress in the last three years, the smartphone experience has barely evolved.
He added that most of the innovation has been underwhelming, limited to incremental improvements in photo editing, translations, and assistant features that “barely work.” The company also previously announced plans to launch its first flagship store in India later this year. Nothing recorded a 146% year-on-year growth in smartphone shipments in India, making it the fastest-growing smartphone brand in the country for the sixth consecutive quarter, according to Counterpoint Research.