Nikhil Kamath invests $21 million in Carl Pei’s Nothing, backing its AI-driven smartphone vision

Zerodha co-founder Nikhil Kamath has invested $21 million in London-based smartphone maker Nothing, founded by Carl Pei, the former co-founder of OnePlus. The investment is part of Nothing’s latest $200 million Series C funding round, which values the company at $1.3 billion.

Announcing the investment on X (formerly Twitter), Kamath wrote, “I recently invested $21 million in Nothing’s Series C round at a $1.3 billion valuation. Thrilled to back a brand shaping the future of consumer tech.”

Founded in 2020, Nothing has rapidly grown into one of the fastest-scaling smartphone brands globally, with a strong design-led philosophy and focus on merging software and hardware innovation. The company’s product portfolio includes its popular Phone (2) and Phone (3) series, alongside the CMF sub-brand, which focuses on affordable design-centric tech.

Kamath said his decision to invest was driven by Nothing’s potential to redefine consumer technology. “What Carl and the team are building with Nothing goes beyond hardware,” he said. “The investment was guided by Nothing’s design, utility, affordability, growth margins, and innovation capability.”

Citing industry data, Kamath highlighted that Nothing had become India’s fastest-growing smartphone brand by 2024, recording an impressive 577% year-on-year growth. By the second quarter of 2025, the brand had held that title for six consecutive quarters, outpacing established global and domestic rivals.

Reacting to Kamath’s partnership, Carl Pei, CEO and Founder of Nothing, said the investment reflects growing confidence in the brand’s long-term vision. “Nikhil represents a new generation of Indian entrepreneurs. His collaboration is a strong signal of confidence in what we’re building with Nothing and CMF,” Pei told PTI.

Nothing has been deepening its India presence through manufacturing and partnerships. In June, the company announced a $100 million joint venture with Indian electronics manufacturer Optiemus Infracom to expand production in India. “With our Optiemus joint venture and our ambition to make CMF India’s first truly global smartphone brand, we’ve got big plans ahead. Having Nikhil on board will only accelerate that momentum,” Pei said.

The new funding round, led by Tiger Global, also saw participation from Qualcomm Ventures and existing investors such as GV (Google Ventures), Highland Europe, and EQT Ventures.

Nothing said the funds will be used to build an AI-native technology ecosystem that seamlessly integrates software and hardware. “For AI to reach its full potential, consumer hardware must reinvent itself,” Pei said earlier. “Each system will know its user deeply and handle the non-essential, allowing us to focus on what truly matters.”

With Kamath’s backing, Nothing aims to push further into the AI-driven consumer electronics space, blending design, affordability, and intelligence to compete with established tech giants on a global scale.