London-based consumer technology brand Nothing on Thursday said it is spinning off its sub-brand \u2013 CMF \u2013 as an independent brand, with India as its base for operations, research and development, and manufacturing. <\/p>\n
Nothing has separately formed a joint venture (JV) with Indian contract electronics manufacturer, Optiemus, with both companies committing to investing $100 million (~\u20b9886.8 crore) and aiming to create more than 1,800 jobs in India over the next three years. <\/p>\n
The JV will manufacture both Nothing and CMF products. \u201cThe joint venture marks a significant investment in India\u2019s technology manufacturing capabilities, reinforcing Nothing\u2019s support for the Government of India\u2019s Make in India initiative,\u201d Nothing and Optiemus said in a joint statement. <\/p>\n
To date, Nothing has already invested over $200 million in the country. <\/p>\n
\u201cCMF has been well-received by the market since we launched it two years ago. With our end-to-end capabilities, we are uniquely positioned to now build it into India\u2019s first truly global smartphone brand. Our joint venture with Optiemus is a key milestone toward making that vision a reality,\u201d said Carl Pei, CEO of Nothing. <\/p>\n
Pei separately said in a social media update that he also met Union Minister of Electronics & IT Ashwini Vaishnaw. “Had the honor of meeting Minister Shri @AshwiniVaishnaw – the driving force behind Make in India and the country\u2019s thriving tech ecosystem. There is no doubt; India will play a key role in shaping the future of the global smartphone industry,” the chief executive added. <\/p>\n
\u201cWe are extremely excited about this partnership with Nothing; it will allow us to further strengthen our world-class manufacturing capabilities for the products of today and tomorrow,\u201d said Ashok Gupta, executive chairman, Optiemus.<\/p>\n
The announcement comes after Nothing raised $200 million in Series C funding at a $1.3 billion valuation led by Tiger Global, with significant support from existing shareholders GV, Highland Europe, EQT, Latitude, I2BF and Tapestry, alongside new strategic backing from Zerodha Co-Founder Nikhil Kamath and Qualcomm Ventures.<\/p>\n
Nothing late last month also appointed former Poco India chief Himanshu Tandon as the Vice-President of the CMF Business for the domestic market.<\/p>\n","protected":false},"excerpt":{"rendered":"
London-based consumer technology brand Nothing on Thursday said it is spinning off its sub-brand \u2013 CMF \u2013 as an independent brand, with India as its base for operations, research and development, and manufacturing. Nothing has separately formed a joint venture (JV) with Indian contract electronics manufacturer, Optiemus, with both companies committing to investing $100 million (~\u20b9886.8 crore) and aiming to create more than 1,800 jobs in India over the next three years. The JV will manufacture both Nothing and CMF products. \u201cThe joint venture marks a significant investment in India\u2019s technology manufacturing capabilities, reinforcing Nothing\u2019s support for the Government of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-964361","post","type-post","status-publish","format-standard","hentry","category-it-2"],"acf":[],"_links":{"self":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/964361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/comments?post=964361"}],"version-history":[{"count":0,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/964361\/revisions"}],"wp:attachment":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/media?parent=964361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/categories?post=964361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/tags?post=964361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}