TL; DR
- CMF will become a standalone, majority Indian-owned company headquartered in India.
- Nothing will remain a shareholder and strategic partner in CMF.
- CMF plans local R&D, engineering and product development operations in India.
- Nothing and Optiemus are investing over $100 million to expand India manufacturing.
Nothing is taking its India strategy a step further by turning CMF into a standalone, majority Indian-owned company. Nothing CEO Carl Pei confirmed that CMF will be headquartered in India and will have its own local team and research and development operations.
Nothing will continue to hold a stake in the company, but its role will change to that of a shareholder and partner.
CMF’s India plans get clearer
The latest announcement builds on plans first revealed in September 2025, when Nothing said CMF would become an independent entity headquartered in India.
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What is new is the ownership structure. Pei has now confirmed that Indian shareholders will hold a majority stake in CMF, while Nothing will retain a minority interest and continue supporting the company.
CMF will also establish its own engineering and R&D capabilities in India. According to Pei, the aim is to move beyond simply manufacturing devices locally and develop products, technologies and intellectual property from India.
Nothing is expected to support CMF through its existing engineering expertise, software, supplier relationships and global brand infrastructure.
From ‘Make in India’ to developing in India
Pei believes India’s next opportunity in consumer electronics lies in product development and engineering. While the country has become a major smartphone manufacturing hub, much of the underlying product design and technology continues to come from outside India.
The company wants CMF to eventually develop products in India for both domestic and global markets. Pei has also outlined an ambitious long-term target of selling 100 million smartphones annually under the new setup.
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Nothing has already committed big to India
Nothing and Optiemus Electronics announced a manufacturing joint venture in 2025, with plans to invest more than $100 million over three years and create over 1,800 jobs in India. The partnership is intended to turn India into a production and export hub for Nothing and CMF products.
For CMF, the latest restructuring marks a bigger shift: from being Nothing’s affordable sub-brand to becoming an India-controlled consumer technology company with global ambitions.
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