Nothing to Spin Off CMF as Indian Company
CMF will become a standalone, majority Indian-owned consumer technology company with its own team and R&D operations in India
Nothing is set to spin off its CMF brand into a standalone Indian company, marking a significant shift in the consumer technology company's India strategy. Nothing co-founder and CEO Carl Pei announced the move on September 21, saying the new CMF entity will be majority owned by Indian shareholders and headquartered in India. (Gadgets 360)
Under the proposed structure, CMF will have its own team and research and development operations in India. Nothing will not exit the business entirely: the London-based technology company will retain a stake in CMF and continue as a shareholder and partner. (Business Standard)
KEY HIGHLIGHT
CMF will become a standalone, majority Indian-owned company headquartered in India, while Nothing will remain a shareholder and partner.
The move represents an evolution of CMF from a product line under Nothing into a separately controlled Indian consumer technology company. Pei said the goal is to build capabilities in India that extend beyond manufacturing to include engineering, product development and in-house R&D. (Gadgets 360)
CMF had already taken significant steps towards establishing its operations in India. The company was legally incorporated as CMF India Private Limited in December 2025, and India had previously been identified as the base for its operations, R&D and manufacturing ambitions. (Gadgets 360)
Pei has argued that India's electronics industry has developed a substantial manufacturing base but now needs deeper product-engineering and R&D capabilities to create globally competitive consumer technology brands. According to him, 99% of smartphones sold in India are now manufactured domestically, illustrating the scale of the country's manufacturing ecosystem. (Gadgets 360)
CMF INDIA PLAN
Ownership: Majority Indian-owned
Headquarters: India
R&D: Dedicated operations in India
Nothing's role: Shareholder and partner
Ambition: Build a global consumer electronics brand from India
The restructuring also builds on Nothing's earlier partnership with Indian electronics manufacturer Optiemus Infracom. In September 2025, the companies announced plans to invest more than $100 million over three years and create more than 1,800 jobs, with India positioned as a production and export hub for Nothing and CMF products. (India Today)
Nothing is expected to continue providing CMF access to capabilities it has developed in areas such as engineering, software, supplier relationships and global brand building, while CMF develops its own organisation in India. (Business Standard)
The announcement comes as India seeks to move further up the consumer-electronics value chain. If implemented as outlined, CMF's restructuring would shift a greater share of its ownership, corporate control and product-development operations to India while maintaining its relationship with Nothing.