Nothing’s budget-focused brand CMF is set to become an independent company based in India, with Indian shareholders holding a majority stake, according to Nothing CEO Carl Pei.
Under the planned structure, CMF will operate independently from Nothing while the British consumer technology company will continue as a shareholder and business partner. The new company is also expected to establish its own team and research and development operations in India.
The move builds on plans first announced by Nothing in September 2025, when the company revealed that it intended to separate CMF into an independent subsidiary headquartered in India.
At that time, Nothing also announced a major manufacturing initiative with Indian electronics manufacturer Optiemus. The company said it planned to invest more than $100 million in a joint venture aimed at producing CMF products locally.
The manufacturing project is expected to create approximately 1,800 jobs over three years, adding to India’s growing role in the global electronics and smartphone manufacturing industry.
CMF was formally incorporated as CMF India Private Limited in December 2025, marking an important step toward establishing the brand as a separate corporate entity.
Carl Pei has now provided further details about the ownership structure, confirming that Indian shareholders will control the majority of the company. However, Nothing has not publicly disclosed the identities of those shareholders or provided details about the exact percentage of ownership they will hold.
CMF was launched by Nothing as a more affordable technology brand, offering products across categories such as smartphones, audio devices and other consumer electronics. Establishing an independent Indian company could give the brand greater operational flexibility as it expands its presence in the region.
The decision also comes as India continues to attract investment from global electronics companies seeking to increase local production and develop regional supply chains. Local manufacturing has become an increasingly important part of the country’s technology industry.
For Nothing, maintaining a shareholder and partnership role means the company will continue to have a connection with CMF even after the brand becomes independently operated. Meanwhile, CMF’s own Indian-based team and R&D operations are expected to give it greater control over product development and business activities.
The exact ownership arrangement and the identities of CMF’s Indian shareholders remain undisclosed. Further details are likely to clarify how the new company will operate and how closely its future products and strategy will remain connected to Nothing.
