Nothing, the London-based hardware startup founded by Carl Pei, is giving its budget-friendly sub-brand CMF more room to grow. The company announced on Thursday that CMF will become a standalone entity and India will serve as its manufacturing and R&D headquarters.
CMF, short for “Color, Material, Finish,” first entered the market in 2023 with a modest lineup that included wireless earbuds and a smartwatch. Since then, the company has also entered the smartphone market, targeting budget and mid-range segments.
As another major shift for the brand, Nothing is making CMF independent. It’s partnering with Optiemus, one of India’s leading original design manufacturers, to form a joint venture that will handle CMF’s production locally.
Nothing says it will invest more than $100 million into the venture over the next three years and will create around 1,800 jobs in the process. The equity structure of the partnership hasn’t been disclosed.
As TechCrunch notes, India is a natural choice for CMF’s expansion. According to IDC data, phones in the $100–$200 range make up over 40 percent of India’s shipments, and CMF’s lineup fits squarely in that segment. The country has also become Nothing’s strongest market. Its shipments jumped 85 percent year-over-year in Q2 2025, giving it over 2 percent of market share.
CMF also has strong leadership in place. Last month, the company appointed Himanshu Tondon, previously with Xiaomi’s POCO brand, as Vice President of CMF Business.
By separating CMF and anchoring it in India, Nothing is betting on a two-brand strategy. Nothing will continue to focus on the high-end premium smartphone and accessory market, while CMF will compete in the dominant budget and mid-range segment.
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