What makes India’s fintech billionaire bet ₹187 crore on a smartphone brand? Zerodha co-founder Nikhil Kamath recently disclosed his $21 million investment in Nothing, the London-based consumer electronics company. According to a Times of India report published on October 8, 2025, this investment was part of Nothing’s $200 million Series C funding round, which valued the company at $1.3 billion. For Indian consumers and tech enthusiasts, this backing signals a major endorsement of design-driven innovation and India’s emerging role as a global technology hub.
The Investment Details
Understanding the Funding Round
Nikhil Kamath invested $21 million in Nothing’s Series C round at a valuation of $1.3 billion, as he announced on his social media platform X on October 9, 2025. According to PTI, the funding round was primarily aimed at developing the next phase of consumer AI technology at the company. Business Standard reported that Kamath cited three key reasons for his investment: Nothing’s distinctive design that grabs attention, its utility factor, and founder Carl Pei’s reputation for innovation capabilities.
Why Kamath Chose Nothing
In his social media presentation, Kamath highlighted that Nothing had already become India’s fastest-scaling smartphone brand by 2024, registering an impressive 577% year-on-year growth. According to Moneycontrol’s October 9 report, Kamath specifically praised Nothing’s India-first design ethos and community-driven approach to consumer technology. The investment aligns with Kamath’s broader vision of backing brands that shape the future of consumer tech.
Nothing’s Phenomenal India Growth
Record-Breaking Market Performance
Nothing’s performance in India has been nothing short of exceptional. According to Counterpoint Research data cited by India Today, Nothing emerged as the fastest-growing smartphone brand in India during Q1 2025, registering 156% year-on-year growth. The publication noted this marked the fifth consecutive quarter in which Nothing maintained its position as the country’s fastest-growing brand. A LinkedIn analysis from May 2025 revealed that Nothing’s first half of 2024 showed a staggering 567% increase year-over-year, with the brand shipping 4 million units worldwide for revenue of $500 million, with India sales playing a major role.
Market Share and Consumer Appeal
According to the same LinkedIn report, Nothing controlled 3-5% of smartphone volumes in India by late 2024, a significant leap from its previous zero holdings. Omdia’s July 2025 report stated that Nothing grew 229% year-on-year in Q2 2025, driven by design-led innovation that resonated with young urban consumers. The growth was primarily attributed to mid-premium models like Phone (2a) and CMF Phone 1, coupled with value-oriented pricing and growing offline sales.
AI-Powered Future Plans
Next-Generation Devices Coming in 2026
Nothing CEO Carl Pei confirmed that the company will launch its first AI-native devices in 2026, following the September funding round. According to India Today’s September 16 report, Pei stated these devices won’t be smartphones but rather products that are available to the user at the moment of need, paired with intelligence that turns understanding into action. Croma Unboxed reported that Pei envisions building a billion different operating systems for a billion different people, signalling a highly personalised AI experience.
Final Thought
Nikhil Kamath backs Nothing smartphone as a strategic endorsement of innovation, design excellence, and India’s growing influence in global technology. With documented 577% growth, over $500 million in revenue, and ambitious AI-native device plans for 2026, Nothing represents a compelling alternative in India’s competitive smartphone market. This partnership between India’s fintech leader and Carl Pei’s design-first brand could redefine how premium technology reaches Indian consumers—making it more accessible, distinctive, and future-ready.
Disclaimer
This article is for informational purposes only and should not be taken as investment or professional advice. Please consult a qualified financial expert for your specific investment decisions.
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