Nothing's CMF charts path to becoming majority Indian-owned smartphone brand

CMF, the consumer technology brand of Nothing, is charting a path to becoming a majority Indian-owned, independent smartphone brand, with Optiemus Group set to join Nothing's upcoming Series A investment round for the CMF business.

The expanded partnership will take the Nothing-Optiemus relationship beyond smartphone manufacturing, bringing ownership, manufacturing and research and development under a single Indian entity. CMF said the aim is to build a full-stack smartphone R&D capability in India, with products designed and engineered in the country for global markets.

Also read: India is now ‘inevitable’: Nothing's Carl Pei bets on the next global tech wave


The move builds on the strategic manufacturing joint venture announced by Nothing and Optiemus in September 2025, which established India as a production hub for Nothing and CMF products. The companies now plan to expand that relationship into product development and ownership, positioning CMF as an independent smartphone brand with a majority Indian ownership structure.

The companies did not disclose the size of Optiemus' investment in the Series A round or the resulting ownership structure.

“India has everything needed to become a global technology powerhouse - extraordinary engineering talent, a huge consumer market, increasingly strong manufacturing capabilities, and a government that has consistently supported the growth of India's electronics and manufacturing ecosystem. That foundation now allows us to take the next step: building India's first full-stack smartphone R&D capability through CMF. We have already proven at Nothing that an independent brand can build its own design, software and engineering capabilities, create a global brand and ship millions of products around the world. Now we want to bring that blueprint to India through CMF, together with Optiemus, and build it here, for the world," said Carl Pei, CEO of Nothing.

From ‘Made in India’ to designed and engineered in India

CMF plans to build R&D capabilities across six disciplines — industrial design, mechanical engineering, camera engineering, software engineering, connectivity engineering and component engineering.

The company said the objective is to move India's role in the smartphone value chain beyond manufacturing towards technology development, product engineering and global exports.

It also plans to retain the intellectual property generated through these activities locally, meaning the products would be designed and engineered domestically rather than simply assembled in India.

"Optiemus has always believed that India’s opportunity is not just to manufacture for the world, but to build the technology, capabilities and brands that can compete with the world. Mobile Phone Manufacturing Scheme (MPMS), introduced by MeitY, is an important step in turning that ambition into reality, supporting the development of R&D, IP, design and advanced manufacturing capabilities in India, while driving greater value addition within the country," Ashok Gupta, Executive Chairman of Optiemus, said.

Also read: Nothing to spin off CMF as India-based smartphone company

"This is an important part of our Hon’ble Prime Minister’s vision for a stronger, more self-reliant India that can build for the world. Nothing has already shown what this looks like in practice - building its own design, software and engineering capabilities from scratch, and turning that into a genuine global brand shipping millions of products. CMF is uniquely placed to bring that same blueprint to India, backed by Optiemus’s manufacturing expertise and a policy environment that is increasingly enabling R&D and innovation at scale. We are proud to build that capability with CMF and Nothing, from the ground up," Gupta added.

CMF said the plan is also intended to deepen India's domestic smartphone ecosystem by creating demand for engineering talent, component suppliers, local intellectual property and product development.

Much of the global smartphone engineering and component ecosystem is concentrated in China, which has developed over time alongside demand and R&D investment from local smartphone brands. CMF said it wants to build a similar demand-driven ecosystem in India, where engineering, suppliers, local IP and product development can grow together.