Hardware startup Nothing announced on Thursday its plan to establish its affordable device brand, CMF, as an independent subsidiary. India will serve as the operational headquarters for this new entity, handling both manufacturing and research and development.
The company first introduced the CMF brand in 2023, launching with a pair of earbuds and a smartwatch. It has since expanded the brand’s portfolio to include smartphones.
To support this move, Nothing is partnering with the Indian Original Design Manufacturer Optiemus to form a joint venture dedicated to manufacturing. While the specific ownership structure of the venture was not disclosed, the company revealed its aim to invest more than 100 million dollars over the next three years. This investment is expected to create more than 1,800 jobs.
The London-based startup recently closed a 200 million dollar funding round led by Tiger Global. Nothing did not specify how much of this new capital would be allocated to establishing the joint venture.
Nothing’s decision to base CMF’s operations in India is strategic. CMF smartphones are priced under 200 dollars, which is the dominant category in the Indian market. According to data from IDC, over 42 percent of phones shipped in India during the second quarter of 2025 fell into the 100 to 200 dollar price range.
India has also proven to be Nothing’s strongest market, where it holds over 2 percent market share in smartphones. IDC reported that Nothing was the fastest-growing brand in the country during that same quarter, with an 85 percent year-over-year growth in shipments.
Nothing’s CEO, Carl Pei, stated that India will play a key role in shaping the future of the global smartphone industry. He expressed that CMF has been well-received since its launch two years ago and that the company is positioned to build it into India’s first truly global smartphone brand. He described the joint venture with Optiemus as a key milestone toward achieving that vision.
This corporate restructuring follows Nothing’s recent appointment of Himanshu Tandon as Vice President of Business for CMF. Tandon was previously with POCO, a brand spun off from Xiaomi.
Brand spin-offs have become increasingly common over the last decade, particularly among companies based in China. Other examples include Xiaomi spinning off POCO, Huawei selling its Honor brand, and Oppo establishing Realme as a separate company.