Hardware startup Nothing has announced that its budget-friendly brand CMF will now run as an independent subsidiary, with India becoming the center for its manufacturing and R&D operations.
Launched in 2023 with earbuds and a smartwatch, CMF has since expanded into smartphones. Priced under $200, these devices are tailored for India, where more than 42% of phones shipped in Q2 2025 fell into the $100–$200 range, according to IDC. This makes India the perfect base for CMF’s growth.
To boost production, Nothing is partnering with Indian manufacturer Optiemus through a new joint venture. The company has pledged more than $100 million in investment over the next three years, aiming to create 1,800 jobs. While Nothing didn’t reveal how much of its recent $200 million Tiger Global funding round will go into the venture, the move signals a serious commitment to India.
The strategy is already paying off. IDC reports that Nothing holds more than 2% of India’s smartphone market and grew shipments by 85% year-over-year in Q2 2025 — making it the fastest-growing brand in the country. CEO Carl Pei called India “key to shaping the global smartphone industry” and said the company aims to build CMF into India’s first truly global smartphone brand.
Nothing has also strengthened CMF’s leadership by appointing Himanshu Tondon, formerly of POCO, as VP of Business. Industry experts say spinning off CMF makes sense: it helps Nothing keep its premium image in the $400–$600 segment, while allowing CMF to focus on the value-for-money market.
By setting up in India and targeting the fast-growing budget segment, CMF is positioning itself as a serious contender in both smartphones and wearables.
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