UK-based smartphone maker Nothing Technology Ltd announced on Tuesday, September 16, that it has raised $200 million in a Series C funding round, elevating its valuation to $1.3 billion.
The funding round was led by Tiger Global, with participation from existing investors GV, Highland Europe, and EQT, alongside new strategic investors Nikhil Kamath and Qualcomm Ventures, according to The New Indian Express.
Manufacturing in India
The company, which also produces its smartphones at its Chennai plant in India, continues to strengthen its presence in the country, a key market for its growth.
Nothing plans to utilise the new funds to venture into the artificial intelligence (AI) space, focusing on creating products that seamlessly integrate hardware and software. “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.
Company growth and market performance
Since its founding four years ago, Nothing has achieved significant milestones, crossing $1 billion in total sales at the beginning of 2025. The company reported shipping millions of devices and achieving 150% growth in 2024.
In India, Nothing recorded a 146% year-on-year increase in smartphone shipments, making it the fastest-growing smartphone brand in the country for six consecutive quarters, according to Counterpoint Research.
Carl Pei highlighted the stagnation in smartphone innovation, noting that despite revolutionary progress in AI over the past three years, the smartphone experience has seen minimal evolution.
He criticised current innovations as underwhelming, limited to incremental improvements in photo editing, translations, and assistant features that “barely work.”
Nothing also announced plans to open its first flagship store in India later this year, further solidifying its commitment to one of its fastest-growing markets.