CMF is set to become an independent, India-based company with Indian shareholders holding a majority stake, according to Nothing CEO Carl Pei. Nothing will remain involved as a shareholder and partner, while CMF will operate with its own team and research and development operations in India.
The move builds on plans first announced in September 2025, when Nothing revealed that it would separate CMF into an independent subsidiary based in India. The company also announced plans to invest more than $100 million with Indian manufacturing partner Optiemus to produce CMF products locally. The project is expected to create around 1,800 jobs over three years.
CMF was officially registered as CMF India Private Limited in December 2025. However, the identities of the Indian shareholders and the exact ownership structure have not been disclosed.
The new setup is also expected to give CMF greater control over its products and technology. According to Pei, CMF will take Nothing OS, engineering resources, supplier relationships and brand operations with it.
The company plans to become more involved in smartphone engineering, including phone design, material selection, thermal management, durability, camera sensors and software. CMF will also work more directly with suppliers for displays, chipsets and camera components.
Launched in September 2023 as Nothing’s more affordable brand, CMF has quickly established India as its biggest market. Its smartphones generally target the under-$200 segment, where demand remains significant in the Indian market.
The move could give CMF greater independence while expanding its engineering, manufacturing and business operations in India.
What do you think about CMF becoming an independent India-based company?
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