Nothing CEO and co-founder Carl Pei has announced plans to turn CMF into a standalone, majority Indian-owned consumer technology company. The move will separate CMF from Nothing while keeping Nothing as a shareholder and partner. Pei made the announcement in an open letter titled “India Is Inevitable”, where he outlined his view of India’s growing role in global consumer electronics.
CMF will have its headquarters, team and research and development operations in India. The company also plans to develop and engineer products in the country for global markets. Pei said India has already built a strong manufacturing base and now needs to focus more on product design, engineering and intellectual property.
CMF to Become a Standalone Indian Company
CMF started as a sub-brand of Nothing in 2023. The brand focuses on more affordable consumer technology products. Nothing announced plans to separate CMF from its parent structure in 2025.
The latest announcement takes that plan further. Pei said the new CMF entity will become majority Indian-owned and operate as a standalone company. It will have its own management and research and development operations in India. Nothing will continue to hold a stake in the business. It will also remain a technology and business partner.
This structure will give CMF greater independence while allowing it to continue using Nothing’s existing capabilities. These include engineering expertise, software support, supplier relationships and global infrastructure.
India Moves Beyond Manufacturing
Pei’s announcement focuses on a wider change in India’s electronics industry. He argued that manufacturing alone cannot create globally recognised Indian technology brands.
India has developed a large electronics manufacturing ecosystem over the past decade. The country has also become a major smartphone production base. Pei noted that around 99 percent of smartphones sold in India are manufactured domestically.
The next step, according to Pei, involves developing products inside India. That means building stronger capabilities in research, engineering, design and product development.
He described this shift as moving from “Make in India” to “Engineer in India.” His argument centres on creating companies that can design, develop and improve products within the country before selling them around the world.
Carl Pei Calls India ‘Inevitable’
Pei’s open letter, published on September 21, carried the title “India Is Inevitable.” He compared India’s current position with the earlier growth of electronics industries in Japan, South Korea and China.
Those countries developed manufacturing ecosystems before producing major consumer technology companies with global reach. Pei believes India has reached a similar stage in its development.
He pointed to India’s large domestic market, manufacturing capacity and engineering talent as important foundations. However, he also identified product development and R&D as areas that need greater attention.
The CMF restructuring forms part of that vision. Pei wants the company to develop products in India and take them to international markets.
CMF Plans Global Ambitions From India
CMF’s new structure will focus on building a global consumer technology business from India. The company has set an ambitious long-term target of selling 100 million smartphones annually.
The target represents a major expansion from CMF’s current scale. The company will need to develop its product portfolio, manufacturing network and international distribution to reach that level.
The new Indian ownership structure could also help CMF position itself as an India-based global technology brand. Nothing will continue to provide support while CMF develops its own identity and capabilities.
The company will therefore combine Indian ownership and operations with continued access to Nothing’s technology and global ecosystem.
Focus on Research and Development
Research and development will play a central role in CMF’s next phase. The company plans to maintain its own R&D operations in India rather than limiting the country to manufacturing activities.
This approach could create opportunities for engineers, product designers and technology professionals. It could also encourage more investment in product development and innovation.
Pei’s comments reflect a broader debate around India’s electronics sector. The country has attracted significant manufacturing investment, but policymakers and industry leaders increasingly want companies to build products and intellectual property in India as well.
CMF’s planned structure aligns with that direction.
Nothing to Remain as a Partner
Although CMF will operate independently, Nothing will not completely exit the business. The parent company will retain a stake and continue as a shareholder and partner.
Nothing will also provide support in areas where it already has experience. These include engineering, software, supplier relationships and global brand infrastructure.
This arrangement allows CMF to develop an independent Indian identity while maintaining links with the technology ecosystem that helped establish the brand.
For consumers, the corporate restructuring does not immediately signal major changes to CMF products. The more significant changes will involve ownership, management and the company’s long-term development strategy.
India’s Consumer Electronics Opportunity
India’s consumer electronics market provides a large domestic base for companies such as CMF. The country has a huge smartphone market and an expanding electronics manufacturing ecosystem.
The government has also introduced policies aimed at encouraging domestic manufacturing and Indian-owned technology brands. The recently notified Mobile Phone Manufacturing Scheme includes a segment designed specifically for Indian brands. Eligible companies can receive incentives linked to sales and domestic design and R&D.
Such policies could support companies that want to build products and technology in India.
CMF’s new structure comes at a time when India is seeking a larger role in the global electronics value chain.
Earlier Manufacturing Partnership
Nothing had already announced a manufacturing partnership with Indian electronics manufacturer Optiemus Infracom in 2025. The companies planned to invest more than $100 million in the joint venture and create more than 1,800 jobs in India over three years.
The partnership aimed to strengthen manufacturing and make India an important production and export base for Nothing and CMF products.
The latest announcement expands that approach. Instead of focusing only on manufacturing, CMF will also build its management and R&D capabilities in India.
This could give the company a broader role in the country’s technology ecosystem.
Building a Global Brand From India
Pei’s larger objective is to build a global consumer technology brand with India at its centre. CMF will develop products in India and target international markets.
The strategy could also provide a model for other Indian and international technology companies. It shows how companies can combine local manufacturing, engineering talent and global distribution.
However, building a successful global electronics brand requires more than production capacity. Companies need strong products, sustained R&D, reliable supply chains and international consumer demand.
CMF’s new structure will allow the company to pursue these areas under a more independent setup.
Conclusion
Nothing CEO Carl Pei’s announcement marks a new phase for CMF. The brand will become a standalone, majority Indian-owned company with its headquarters, team and R&D operations in India. Nothing will remain a shareholder and partner.
Pei’s “India Is Inevitable” letter highlights his view that India has already developed much of the manufacturing foundation needed for global electronics. He now wants the country to expand its capabilities in engineering, product design, R&D and intellectual property.
CMF’s long-term goal includes building a global consumer technology brand from India and reaching annual smartphone sales of 100 million units.
The move places CMF within India’s broader effort to move from electronics manufacturing towards product development and innovation.