AI startup Emergent, founded by brothers Mukund Jha and Madhav Jha, has raised $130 million in a Series C funding round, reaching a valuation of $1.5 billion.
The round was led by Creaegis, with co-investors including MNI Ventures, Claypond Capital, and Sentinel Global. Existing partners, such as Khosla Ventures, SoftBank Vision Fund 2, Lightspeed, and Y Combinator, also participated in the investment.
The company stated that it intends to use the raised funds to expand its workforce in both the United States and India, accelerate product development, and strengthen go-to-market efforts.
Emergent, based in San Francisco and Bengaluru, was valued at $300 million during its Series B round in January of this year. With the latest capital raise, the total amount raised by the company across three rounds has reached $230 million.
Founded in 2024, the Emergent platform allows individuals and small businesses to create software using natural language prompts through its agentic AI platform. Mukund Jha, one of Emergent's co-founders, noted that AI has made it possible for the first time to serve millions of customers at nearly zero marginal cost, given that every business's software requirements are unique.
Since its launch, over 12 million applications have been created on the platform, primarily for individuals and small businesses. Jha cited an example of a fleet owner in the United States who previously managed operations manually via WhatsApp but then created a mobile application for all his drivers using Emergent. He noted that the owner previously spent about $25,000 annually on software, whereas now he pays $100 million for the application he created.
Emergent's goal is to democratize software development by making custom applications accessible and affordable for small businesses. The platform is available in 190 countries, with approximately one-third of revenue coming from the United States, another third from Europe, and about 9% from India. Jha emphasized that traditional custom software development usually costs between $50,000 and $500,000, while similar-level solutions from platforms like Emergent can cost $1,000–$5,000.
The company aims to enable users without programming skills to create production-ready software. Types of applications created on the platform include digital storefronts, marketplaces, enterprise resource planning (ERP) systems, customer relationship management (CRM) software, and financial dashboards. Prakash Partasarathy, Managing Partner at Creaegis, stated that small businesses are at a historic moment for automation and building operations using autonomous platforms. In the future, Emergent plans to develop a full operating system that will allow enterprises to automate their processes completely.
The National Association of Automotive Components and Related Industries (NAACAM) insists that the government must compel international automakers to increase the share of local content in vehicles assembled in South Africa to 60%.
The South African Automotive Masterplan (SAAM) 2035 is currently under review because, at current rates, it is highly unlikely to achieve its goal of increasing local production content to 60%, which was intended to create 224,000 jobs.
NAACAM CEO, Renay Mutilial, told a representative from the MISA union, Fakimile Khlubi-Majole, that localization is the most effective lever for stimulating the domestic economy, creating employment, and developing local skills, as component manufacturing provides the highest employment in the automotive value chain.
Mutilial cited Brazil, Thailand, and Turkey as examples where governments impose mandatory conditions on Original Equipment Manufacturers (OEMs). In these regions, compliance with state-set localization requirements is not an option but a condition for selling vehicles.
He emphasized: 'We should not apologize for this. Localization effectively guarantees that you receive significant added value from OEMs. The global standard for localization is 60%. In South Africa, we are stuck at 40%, and we deserve more. OEMs in South Africa receive a lot of support from the state and the working class. We feel we must be decisive. 60% is the target in the Masterplan.'
According to Mutilial, this target exists only on paper and lacks the political will to ensure its achievement.
MISA, the main union in the retail automotive industry representing 79,000 members, supports NAACAM's view. The union noted that creating sustainable decent jobs is central to the Masterplan.
MISA's Chief Operating Officer, Martle Kater, stated in a declaration that 'it is not unreasonable to demand that OEMs who manufacture locally and receive substantial government incentives commit to creating real manufacturing jobs.'
Marin Firi, Director of Oxyon People Solutions, noted earlier this year that Chinese automotive brands lead globally in electric vehicles (EVs) and intend to remain in South Africa. However, in her opinion, the opportunity lies in encouraging these brands to utilize existing enterprises, skilled local workers, and local suppliers.
This would allow a shift from importing cars to local production, aligning with green industry growth goals. Firi added that South Africa's location provides access to African Continental Free Trade Area markets duty-free, and trade agreements open doors to Europe and beyond. With a reliable supply chain, the country could become an EV production base if policy supports it.
Nevertheless, Firi pointed out that production costs in South Africa are higher than in China. While recent tax incentives for hydrogen fuel and EV vehicle investments are a good start, more is needed. 'We need discounts for companies that hire locals and comply with content rules. Furthermore, there needs to be funding for factory modernization and assisting suppliers in transitioning to EV parts. Without a cost reduction plan, investments will go to other countries,' Firi stated in her declaration.
Ilzat Kasimov, Deputy Minister of Investments, Industry, and Trade of Uzbekistan, met with Yu Yan, CEO of the Chinese company JAC Motors, on July 15. The purpose of the meeting was to discuss the further development of joint automobile production in Uzbekistan.
The parties noted that the opening of the JAC Motors plant in the Yangi Avlod Special Industrial Zone in May 2026 was a significant step for the development of Uzbekistan's modern automotive industry and the expansion of industrial cooperation between Uzbekistan and China.
Main attention was paid to the next stage of project implementation. Participants discussed plans to accelerate the transition of the plant from Semi Knocked Down (SKD) assembly to Complete Knocked Down (CKD) production as early as next year.
In addition, the parties considered measures aimed at deepening production localization, increasing the plant's export potential, and implementing advanced technologies.
It has been reported that the OnePlus brand will begin ceasing operations in the US and European markets. This move is part of a larger restructuring being carried out by its parent company, Oppo, amid slowing sales and geopolitical difficulties.
According to an informed source who wished to remain anonymous, the cessation of OnePlus operations could begin as early as this week. Although OnePlus will maintain its presence in China, plans are underway to extend the brand's closure to other global regions, including India, sometime in 2027.
Another Oppo mobile business, Realme, will also be leaving the Chinese market. Representatives from Oppo and OnePlus declined to comment on the matter.
The basis for these decisions stems from financial issues within the company's phone divisions, as well as a lack of growth momentum in the US, Europe, and India. Furthermore, there are concerns related to the sale of the Chinese phone brand in the US, as well as a lawsuit from Apple Inc. concerning trade secrets.
As part of the changes, Oppo will concentrate its efforts on Central Europe and will promote Realme devices in the Nordic region, which includes Finland, Denmark, Sweden, and Iceland, where the company has achieved greater success.
Although OnePlus was once a popular player among tech enthusiasts and Android fans, its influence in the smartphone market has significantly weakened in recent years. In the US, Apple and Samsung Electronics Co. dominate, while OnePlus lags far behind smaller competitors such as Motorola from Lenovo Group Ltd. and Google from Alphabet Inc.
Oppo has shown better results in China, although it trails market leaders Huawei Technologies Co. and Apple. Nevertheless, the rising cost of memory and phone prices has led to a decline in smartphone sales. According to IDC data, device shipments in China fell by 4.3% in the second quarter compared to the same period last year.
Component shortages have also complicated the development of budget models for phone manufacturers, which were central to the OnePlus 'Nord' line. Early OnePlus models received positive reviews due to a combination of reliable performance, clean software, and affordable pricing. However, the recent flagship device, the OnePlus 15, faced launch issues in the US, which was delayed due to last year's government shutdown.
