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Emergent Hits $1.5B Valuation on $130M Series C, SMB AI Push

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Emergent Hits $1.5B Valuation on $130M Series C, SMB AI Push

2026-07-15 13:19 UTCBy AlphaScala Research DeskSource reporting: thehindubusinessline.comEditorial standards

Emergent Hits $1.5B Valuation on $130M Series C, SMB AI Push

Emergent hits $1.5B valuation on $130M Series C led by Creaegis. CEO Mukund Jha says SMBs now account for 70% of revenue, up from 20% at launch. Wingman AI agent targets workflow automation.

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Emergent, an AI software creation platform, has raised $130 million in a Series C funding round at a post-money valuation of $1.5 billion, the company said. The round was led by Creaegis, with co-leads MNI Ventures - Claypond Capital and Sentinel Global. Khosla Ventures, SoftBank Vision Fund 2, Lightspeed and Y Combinator also participated.

The valuation is five times higher than Emergent's previous round. The company became a unicorn within a year of its public launch. More than 12 million applications have been built on the platform by users across 190 countries.

Chief Executive Officer Mukund Jha said the capital comes after sharp business growth over the past few months. “Since our last fundraise in December, our business has grown almost 4x in terms of users, revenue, significant improvement in customer acquisition costs, significant improvement in gross margin and significant improvement in retention overall,” Jha told businessline.

The company plans to deploy the capital toward product development and expanding its go-to-market efforts. Jha said Emergent's ambitions have evolved beyond enabling users to build applications without writing code.

“Earlier we were a software-building platform, now we are trying to become this operating system for small and medium businesses,” he said. “Businesses can not only build software but also automate a large part of their day-to-day work on top of our platform.”

As part of that strategy, Emergent recently introduced Wingman, an AI agent that businesses can interact with through WhatsApp and email. The agent helps manage social media, marketing, lead qualification and outbound calls, allowing businesses to automate routine workflows.

The company's customer base is increasingly shifting toward businesses. SMBs now account for nearly 70% of Emergent's revenue, up from around 20% when the platform was launched, Jha said. Around 10% of free users eventually convert into paying customers.

Jha attributed the growth to businesses building customised software instead of relying on off-the-shelf SaaS products. “The people who are closest to the problems are going to start building software they've always wanted to build, which is specific to their needs, versus buying an off-the-shelf SaaS product,” he said.

On competition in the fast-growing AI coding space, where companies such as Cursor, Lovable, Bolt and Replit are also expanding rapidly, Jha said Emergent's advantage lies in the quality of its platform and the data generated through millions of applications built by users. “Every single app that is getting built on the platform is improving the platform,” he said, adding that the feedback loop allows Emergent's AI agents to continuously improve software generation and debugging.

The platform is witnessing adoption across manufacturing, construction, healthcare, hospitality and retail. Customers build applications ranging from inventory management systems and CRMs to marketplaces and dispatch software. Jha cited the example of a South African trucking company that built its own fleet management application on Emergent, helping quadruple its revenue.

India currently contributes around 8-9% of Emergent's revenue, although the company is seeing strong growth among entrepreneurs, D2C brands and educational institutions. While subscription pricing remains largely uniform globally, the company is evaluating more India-friendly pricing over time.

Jha believes India is well placed to build globally competitive AI application companies even as foundation models remain dominated by larger global players. “I think it's definitely possible. India can build AI companies for the world, especially on the application side,” he said.

He added that Emergent expects to achieve profitability “very soon” and sees the next phase of AI being driven by agentic software that automates a significant share of knowledge work.