Business

CMF eyes becoming majority Indian-owned

By Sohail Khan 22 September 2026, 1:27 pm

Benchmarks
Nifty23,333.45-80.85

FEATURED FUNDS★★★★★

Motilal Oswal Midcap Fund Direct-Growth

5Y Return
21.38 %

Invest Now

Enter search text:

Business News›Industry›Cons. Products›Electronics›Nothing's CMF charts path to becoming majority Indian-owned smartphone brand

Read Today's Paper

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

CMF, Nothing’s consumer technology brand, is charting a path to becoming a majority Indian-owned independent smartphone brand as Optiemus Group joins its upcoming Series A round. The expanded partnership will combine ownership, manufacturing and R&D under an Indian entity, with CMF planning to develop end-to-end smartphone engineering capabilities and local intellectual property.

WhatsApp Image 2026-09-22 at 12 — CMF is set to move towards majority Indian ownership as Nothing and Optiemus expand their partnership from manufacturing into ownership and full-stack smartphone R&D in India.

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.

Add as a Reliable and Trusted News Source
Add Now!

(You can now subscribe to our WhatsApp channel)

(Catch all the Business News, Breaking News and Latest News Updates on The .)

…moreless

(You can now subscribe to our WhatsApp channel)

Read More News on
CMF smartphone brandNothing Optiemus partnershipIndian smartphone manufacturingdesign and engineer smartphones Indiasmartphone R&D in IndiaMake in India initiativeOptiemus Group investmentIndia tech powerhouseglobal smartphone ecosystemmobile phone manufacturing scheme

(Catch all the Business News, Breaking News and Latest News Updates on The .)

…moreless

Enter search text:

Continue reading with one of these options:
Limited Access
Free
Login to get access to some exclusive stories

& personalised newsletters
Login Now

Unlimited Access
Starting @ Rs120/month
Get access to exclusive stories, expert opinions &

in-depth stock reports
Subscribe Now

Unlock Access to All Exclusives with ETPrime FREE TRIAL

15 Days Free: Unlock All ETPrime Exclusives, Market Tools & ePapers

Trial offer expiring in00 : 05 : 00

I'd rather pay ₹2599 now

Uh-oh! This is an exclusive story available for selected readers only.

Worry not. You’re just a step away.

Prime Account Detected!

It seems like you're already an ETPrime member with

Log out of your current logged-in account and log in again using your ET Prime credentials to enjoy all member benefits.

Unlock ETPrime's Exclusive Stories Today!

Subscribe to gain powerful insights on business, stock market and industry trends.

Big Price Drop! Flat 40% Off

Student Only Offer

Already a Member? Sign In now

Already a Member? Sign In now
Already a Member? Sign In now

Offer Exclusively For You

Save up to Rs. 700/-

ON ET PRIME MEMBERSHIP

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get Flat 40% Off

Then ₹ 1749 for 1 year

Avail Offer

Offer Exclusively For You

ET Prime at ₹ 49 for 1 month

Then ₹ 1749 for 1 year

Avail Offer

Special Offer

Get flat 40% off on ETPrime

Avail Offer
Avail Offer

Claim NowAlready a Member? Sign In now

Need Assistance?

Connect with an ETPrime expert for personalized support and guidance

+91 9484700004

' + h3 + '

' + h4 + '

' + listing + '

What’s Included with

ETPrime Membership

1Exclusive Insights That Matter

Uncover the truth with our investigative stories

Make strategic moves using the real-world case studies

Read industry-specific stories to identify emerging trends

Spot opportunities with in-depth insights that matter

Trump temper on H-1B visas is forcing Indians to do these things to stay put in US

What Adani’s US indictment means for India Inc’s overseas fundraising
Why veterans like Reliance, L&T are on acquisition spree? Aswath Damodaran has an answer.

Will China’s dollar bond sale in Saudi Arabia trump the US in financial world?
Huawei launches its own OS to compete with Google and Apple. But can it win beyond China?

The problem with lab grown diamonds
Why a falling rupee is a better option for the economy

A list of top 20 momentum stocks that have delivered massive returns in one year