Smartphone Brand Nothing Spins Off CMF As Standalone Brand In India, Plans $100 Million Investment
Pei said the new entity will be set up as a joint venture with local electronics manufacturer Optiemus Infracom Ltd.
Smartphone brand Nothing has announced that it will spin off its budget-focused sub-brand, CMF, into a standalone subsidiary based in India, as part of the company's plans to scale up in the world's second-largest mobile phone market.
Nothing's founder and Chief Executive Carl Pei announced the move on X, saying he intends to build CMF into India's "first truly global consumer tech brand" while also announcing a $100 million investment plan in the country.
Pei said the new entity will be set up as a joint venture with local electronics manufacturer Optiemus Infracom Ltd.
Pei's post came on the back of a meeting with Union Minister Ashwini Vaishnaw.
The London-based smartphone maker said it plans to invest $100 million into the venture over the next three years. The company expects the investment to create at least 1,800 jobs in the country, in what could be a major boost to India's electronics design and manufacturing sector.
Nothing is well-positioned to fund the expansion as well, having recently raised $200 million in a financing round that valued the company at $1.3 billion.
CMF has already gained attention in India for its attractive pricing, especially in the earphone and headphone segment. CMF Phone 2 Pro is also available in India for just Rs 15,999 on Flipkart.
By signing off CMF as a standalone brand, Nothing is clear about its plans to enter the budget market as it looks to leverage India's growing hunger for technology.
The Indian smartphone market has already been buzzing this week on the back of huge discounts on phones available on Flipkart and Amazon's annual sales.
