Nikhil Kamath discloses $21 million cheque in smartphone maker Nothing

Bengaluru: Zerodha cofounder has disclosed that he invested $21 million (around Rs 187 crore in current exchange rate) in Nothing, founded by .

The investment was part of the company’s $200 million Series C round announced last month, which valued Nothing at $1.3 billion. The round was led by Tiger Global, with participation from GV, Highland Europe, EQT, Latitude, I2BF, Tapestry and Qualcomm Ventures.

In a post on X (formerly Twitter), Kamath said he decided to back Nothing for its “design, community and software-first future,” adding that the company’s India-focused growth plans align with his vision of “India 2.0.” He wrote that investors should “back the founder who can build moats,” calling Pei’s conviction around design and ecosystem integration a key differentiator.

Through a visual thread, Kamath explained his reasoning with data on the global smartphone market. He noted that 67-83% of flagship phone specifications remain unchanged across versions, and that users now upgrade every 3.5 years on average versus two years in 2015. In a $500-billion market dominated by legacy players like Apple and Samsung, Kamath said the next frontier of competition will be “taste” and distinct visual identity.

Citing data from Counterpoint and IDC, he highlighted that India’s smartphone market grew 18% year-on-year in value in Q2 2025, driven by rising sales in the mid-premium and premium segments. “People buy with their eyes and scroll today,” he wrote, adding that younger consumers, who account for about half of India’s population, are shaping how brands build recognition and trust.