Karan Johar, Yuvraj Singh invest in consumer tech firm Nothing

Business Standard Karan Johar, Yuvraj Singh invest in consumer tech firm Nothing

Consumer technology brand Nothing on Tuesday said its USD 50 million funding round announced last month had seen participation from film producer Karan Johar, cricketer Yuvraj Singh and others.

In October, Nothing had announced completion of a series-A extension of USD 50 million (around Rs 376 crore) from strategic and private investors. At that time, it had not commented on the full list of investors.

Some of the strategic and private investors who have joined the Nothing journey from India, include Indian film producer, director and author Karan Johar, international cricketer,

entrepreneur and philanthropist Yuvraj Singh and Indian fashion designer Sabyasachi Mukherjee, according to a statement.

Digital content creator and entrepreneur Ranveer Allabadia and Bollywood and independent music composer and singer Jasleen Royal have also come on board as backers of Nothing's vision, it added.

"The market is overdue for a new player to bring passion back to the field of consumer tech; one that celebrates artistry and hopes to organise our digital life in one connected space.

"We are excited that our new strategic and private investors from India feel the same and believe in our vision and mission," Nothing India Vice-President and General Manager Manu Sharma said.

He added that in 2021, Nothing launched one of the most anticipated tech products of the year, Nothing ear (1) "and we assure you, this is just the beginning".

The additional USD 50 million funding follows the USD 16.5 million Series-A raise that the company closed in the first quarter of 2021, and the USD 7 million seed investment secured in the last quarter of 2020. Nothing's total funding after the fresh fund close has reached USD 74 million.

The London-based company, which is backed by Indian entrepreneur Kunal Shah, was cofounded by OnePlus co-founder Carl Pei. According to research firm Counterpoint, Nothing broke into the top-three brands in the premium TWS (Truly Wireless Stereo) segment in its debut quarter by capturing a seven per cent share in the segment in the September 2021 quarter.

The report added that competitive pricing and differentiated design helped the brand gain good mindshare among consumers.

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