Nothing spins off CMF into a standalone Indian entity.
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.
Key facts
- 01CMF will be incorporated in India and controlled by the shareholders of India.
- 02The new entity will be majority Indian-owned and have its own team and R&D operations in India.
- 03Nothing will continue to provide support through technology, engineering capabilities, supplier relationships and global infrastructure.
- 04Nothing and Optiemus previously announced a joint venture with over $100 million investment for the next three years, aiming to create over 1,800 employment opportunities in India.
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