Nothing spins off CMF to India with $100M investment
Hardware startup Nothing announced its plan to spin off its affordable CMF brand into an independent subsidiary. The new entity will establish its headquarters for manufacturing and R&D in India through a new joint venture with a local partner.
The CMF brand was initially introduced in 2023, launching with a pair of earbuds and a smartwatch before expanding its product line to include smartphones. For the manufacturing component of this new subsidiary, Nothing is partnering with Indian Original Design Manufacturer (ODM) Optiemus to form a joint venture. While specific details regarding the ownership structure of this venture were not revealed, the company outlined its financial and employment goals for the project.
Nothing stated its intention to invest more than $100 million into the venture over the next three years. This investment is projected to create over 1,800 jobs. The London-based startup, which recently completed a $200 million funding round led by Tiger Global, did not specify the amount of capital from that round that will be allocated to establishing the new CMF subsidiary in India.
The decision to base CMF’s operations in India aligns with current market data. CMF’s smartphones are positioned in the sub-$200 price category. According to research firm IDC, devices priced between $100 and $200 constitute the dominant segment in the Indian market, accounting for over 42% of all phones shipped in the second quarter of 2025.
India also represents Nothing’s strongest market, where the company holds more than a 2% share of the smartphone market. Information provided by IDC to TechCrunch indicated that Nothing was the country’s fastest-growing brand during Q2 2025, based on year-over-year growth in shipments.
Nothing’s CEO Carl Pei commented on the strategic move in a statement.
“India will play a key role in shaping the future of the global smartphone industry. CMF has been well-received by the market since we launched it two years ago. With our end-to-end capabilities, we are uniquely positioned to now build it into India’s first truly global smartphone brand. Our joint venture with Optiemus is a key milestone toward making that vision a reality.”
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