Carl Pei's Nothing is spinning off its CMF sub-brand as a majority Indian-owned company. Optiemus will acquire 51.1% ownership. The structure aims to shift CMF's Indian operations beyond assembly into full product engineering and R&D.
How We Got Here
CMF launched in 2023, targeting accessible design-focused tech. The proposed structure builds on a manufacturing joint venture Nothing announced with Optiemus in 2025.
The Numbers
- Domestic value addition in electronics manufacturing sits at 18-20%, according to April government data.
- India's smartphone market was broadly flat in 2025; shipments fell 10% year-on-year in the June 2026 quarter.
- Budget 2026 raised the Electronics Component Manufacturing Scheme outlay from ₹22,919 crore to ₹40,000 crore.
- For Carl Pei, "real R&D" includes controlling product structure, thermal performance, cameras, software, and antennas in-house.
What Happens Next
🇮🇳 Why This Matters for India
For electronics component manufacturers in Chennai and Noida, this signals a potential increase in higher-value domestic orders beyond pure assembly.
The Take
Most will focus on the local ownership, but the real play is Nothing pushing Indian manufacturing partners to step up their R&D game, not just assemble. Expect other foreign brands with Indian JVs to follow this IP localisation playbook.
Source:
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