Nothing

According to Mint Technology, Carl Pei announced that CMF will be spun out of Nothing to become a standalone Indian company, majority Indian-owned with its own team and R&D in India, while Nothing will retain a stake and continue as a partner. The long-term goal is to develop CMF into a global consumer technology company from India and to sell 100 million phones per year.

According to Mint Technology, Nothing CEO Carl Pei says India could become a global hub for consumer electronics and has published an open letter titled 'India Is Inevitable' on September 21, 2026. He envisions a standalone CMF firm in India with majority Indian ownership, built on Nothing's capabilities, and notes a joint venture with Optiemus involving over $100 million in investment to create more than 1,800 jobs over three years. He also cites MeitY schemes supporting electronics manufacturing as part of India's progress, and says the next step is to engineer products in India to drive domestic demand and global competitiveness.