Nothing to spin off CMF as an India-headquartered, majority Indian-owned firm

Nothing disclosed that its CMF brand will be separated from the London-based parent and established as a standalone company headquartered in India. According to co-founder and CEO Carl Pei, Indian shareholders will own the majority of the new firm, which will also set up its own staff and research and development facilities within the country. Nothing will maintain an equity interest and remain a strategic partner, contributing its engineering expertise, operating system and global branding experience.

Pei noted that CMF became India’s fastest-growing smartphone sub-brand in 2025 and aims to scale to 100 million units annually, a volume he says would shift the brand from a supply-chain customer to a platform driver. The move aligns with India’s rise as the world’s second-largest smartphone manufacturing hub and its push toward domestic product engineering and R&D.