Nothing founder and CEO Carl Pei has announced plans to spin off CMF from the London-based technology company and establish it as a standalone Indian firm.
In a post titled “India Is Inevitable”, Pei said CMF will no longer operate as a subsidiary of Nothing and will become a majority Indian-owned company, while Nothing will continue to remain a stakeholder.
CMF is already registered and headquartered in India. The company became an independent Indian entity earlier this year and has been building a stronger presence in the country.
Pei highlighted India’s growing role in the global consumer electronics industry, noting that it has become the world’s 2nd-largest smartphone market and that 99% of smartphones sold in India are manufactured domestically.
He said the next step should be creating an end-to-end research and development ecosystem in India. According to Pei, “Real R&D” means having the ability to design, engineer and continuously improve products within the country.
He believes this capability could help India develop its own global consumer electronics brands, similar to the growth of Japan, China and South Korea in the sector.
Pei also pointed to India’s large young population and demographic advantage as important factors behind the country’s long-term growth potential.
Nothing has been expanding its presence in India. Earlier this year, the company inaugurated its first flagship store in the country.
The government has also introduced measures aimed at strengthening domestic electronics manufacturing. In July, the Ministry of Electronics and Information Technology said the Union Cabinet had approved the Mobile Phone Manufacturing Scheme (MPSE) with a budget of Rs 62,500 crore. The scheme is intended to support domestic electronics brands, technological capability and economies of scale.
With CMF’s proposed restructuring, Nothing is placing greater emphasis on India as a base for consumer electronics development and global expansion.
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