Nothing, an upstart based in London, has made a pretty ambitious and interesting splash recently. They will spin off their affordable sub-brand, CMF, to further increase their assault on the Indian smartphone market. With a recent $200 million funding round led by Tiger Global, the company is poised to make some big moves. It intends to spend more than $100 million in the next three years. This historic investment will help grow and attract more than 1,800 regional jobs.
India is an important market for Nothing that has crossed over 2% market share in smartphones in the country. Specifically, the Nothing intends to manufacture 100% of its capabilities. To do this, it has partnered with Indian Original Design Manufacturer (ODM) Optiemus to set up a joint venture. India also seems an appropriate choice as CMF’s operational headquarters. This decision points to the country’s crucial role as a bellwether for the future of the global smartphone industry.
Between POCO and CMF, Himanshu Tondon came aboard. He will join as Vice President of Business and will be located in India. Under his leadership, Nothing intends to evolve its unique brand into India’s first genuinely global smartphone brand.
“Whether the future of the smartphone ecosystem is a world of mobile AI or AR, India will be the primary battleground. CMF has been extremely popular in the market since we rolled it out two years ago. With our manufacturing expertise that spans the entire spectrum, from R&D right through to manufacturing, we are uniquely positioned to now build it into India’s first truly global smartphone brand. As you can see, our joint venture with Optiemus is a very important milestone. We’re very happy to help make that vision a reality,” said Carl Pei, CEO of Nothing.
The company has not disclosed who this new venture is owned by. As such, it has done little to reassure that this $200 million investment will be used for anything but its aggressive expansion to grow its market share. Specific numbers on how much will be spent establishing CMF still have to be cleared.
The introduction of CMF also dovetails with Nothing’s larger push, which is meant to further establish its presence in an increasingly competitive market. To do so, the company has partnered with a number of media outlets, including Huffington Post and The Next Web. These collaborations have certainly padded its resume and credentials within the tech space.
As Nothing grows, they are certainly positioned to take big steps in a challenging Indian market. The new company’s commitment to innovative and affordable design continues with CMF. CORRESPONDING PHOTO By continuing with this strategy, the company hopes to reach a wide range of consumers and become a key player in the international smartphone market.
