Emergent, a no-code agentic software platform, closed a $130M Series C at a $1.5B post-money valuation, according to The Hindu BusinessLine. The round was led by Creaegis with MNI Ventures, Claypond Capital, and Sentinel Global as co-leads. Khosla Ventures, SoftBank Vision Fund 2, Lightspeed, and Y Combinator also participated.
The raise values Emergent at 5x its previous round and makes it a unicorn within one year of its public launch. The round was oversubscribed by 4x from December’s $26M Series B.
The Numbers
More than 12 million applications have been built on the platform by users across 190 countries. CEO Mukund Jha told BusinessLine that since the December fundraise, the company has grown “almost 4x in terms of users, revenue,” with significant improvements in customer acquisition costs, gross margin, and retention.
SMBs now account for roughly 70% of Emergent’s revenue, up from 20% at launch. Around 10% of free users convert to paying customers. The platform serves manufacturing, construction, healthcare, hospitality, and retail verticals, with customers building inventory management systems, CRMs, marketplaces, and dispatch software.
Wingman: Agents via WhatsApp and Email
Emergent recently launched Wingman, an AI agent that businesses interact with through WhatsApp and email. Wingman handles social media management, marketing, lead qualification, and outbound calls, automating routine workflows without requiring technical setup.
“Earlier we were a software-building platform, now we are trying to become this operating system for small and medium businesses,” Jha told BusinessLine. “Businesses can not only build software but also automate a large part of their day-to-day work on top of our platform.”
The Competitive Landscape
Emergent competes in the fast-growing AI coding and no-code space alongside Cursor, Lovable, Bolt, and Replit. Jha argues the platform’s advantage lies in the data flywheel generated by millions of applications: “Every single app that is getting built on the platform is improving the platform.” Each build improves the AI’s ability to generate and debug software.
The platform’s SMB focus positions it differently from frontier model labs (OpenAI, Anthropic) and enterprise-focused agent frameworks (LangChain, CrewAI, Genkit). Emergent is betting that the market bifurcates: frontier labs build models, while vertical agentic platforms build the workflows that use them. Jha cited a South African trucking company that built fleet management software on Emergent and quadrupled its revenue as a result.
What Comes Next
India currently contributes 8-9% of Emergent’s revenue, with the company evaluating more region-specific pricing. Jha expects profitability “very soon” and sees the next phase of AI driven by agentic software that automates a significant share of knowledge work.