Key Points
- Indian software creation startup Emergent has raised $70 million in a new funding round. The round was led by SoftBank and Khosla Ventures.
- The company has grown to 5 million users and $50 million in annual recurring revenue in just seven months.
- The new funding will be used to expand the company’s research and engineering teams.
- This is SoftBank’s first new investment in an Indian startup in over three years.
Indian startup Emergent, which helps people build their own software applications, has just raised $70 million in a new funding round. The investment was led by two of the biggest names in venture capital, SoftBank and Khosla Ventures, and marks a major vote of confidence in the company’s vision to “democratize” software building.
This is the company’s second major funding round in just four months. It previously raised $23 million in a Series A round and also received money from the Google AI Futures Fund in December.
Emergent has seen explosive growth since its launch just seven months ago. The company already has over 5 million users and is generating $50 million in annual recurring revenue.
“Emergent is early in shaping how software gets created and monetized over the next decade,” said Vinod Khosla, the founder of Khosla Ventures.
The company’s CEO, Mukund Jha, told Reuters that they will use the new money to expand their research and engineering teams in both San Francisco and Bengaluru, India. They are also planning to build more products and advance their research into “coding agents,” which are AI tools that can help automate the software development process.
Jha believes that the “democratization of software building” will be a “massive trend,” and that this new funding will help Emergent stay at the forefront of that movement.
For SoftBank, this is its first new investment in an Indian startup in over 3 years, a sign that the Japanese investment giant is once again seeking big opportunities in the country’s booming tech scene.
