Nothing, a smartphone maker backed by Google’s enterprise arm and iPod creator Tony Fadell, is in search of to boost a minimum of $100 million (roughly Rs, 864 crore) in funding to broaden its operations, in accordance with individuals with information of the matter.
The London-based startup, which launched in 2021 to fanfare from expertise lovers, kicked off the Series C spherical in latest days, stated the individuals, who requested to not be recognized as a result of the plans have not been introduced.
Several newcomers have tried to problem Apple Inc.’s iPhone with new gadgets, however few exterior of China have come near rivaling the well-capitalised market leaders. Nothing beforehand raised about $100 million (roughly Rs, 864 crore) in 2023.
Nothing has gained followers with the distinctive design of its smartphones, which characteristic a clear again. The startup is run by Carl Pei, one of many creators of OnePlus, a preferred China-based telephone maker. Nothing sells telephones starting from $250 (roughly Rs.21,625) to $700 (roughly Rs. 60,551), in addition to a number of completely different earbuds and a smartwatch.
In 2024, Nothing doubled its annual income to greater than $500 million (roughly Rs. 4,324 crore) and lately crossed $1 billion (roughly Rs. 8,649 crore) in lifetime gross sales, the individuals stated. It has additionally informed buyers that its margins have improved from a yr in the past and that it has offered seven million models throughout all product classes to this point.
A Nothing spokesperson declined to remark.
Though clients within the US should buy Nothing gadgets, the corporate primarily sells its telephones abroad. Nothing’s largest market is India, adopted by Germany and the UK, the individuals stated. The high marketplace for the corporate’s audio gear is the US, adopted by the UK, Germany and Japan.
Nothing is concentrated on ramping up gross sales exterior the US this yr, however plans to make an even bigger push into the American market in 2026. It’s additionally exploring an growth into further product classes. The firm has about 600 staff and manufactures gadgets in China and India.
Like most non-Apple smartphones, the Nothing gadgets run the Android working system. The startup is engaged on overhauling its software program so as to add extra synthetic intelligence options, with the enhancements set to launch within the first half of the yr.
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