Nothing is spinning off its budget CMF brand

Nothing, a consumer electronics company, is spinning off its budget brand CMF into an independent subsidiary. The new company's headquarters will be located in India, where it will focus on manufacturing and R&D in partnership with a local telecom operator. This move is expected to create over 1,800 jobs in the country. India is a strategic choice for the new venture, as it is Nothing's strongest market, with over 2% market share in smartphones and an 85% year-over-year growth in shipments. Additionally, the budget-friendly handsets under $200, which CMF specializes in, are the dominant category in India. Nothing's CEO, Carl Pei, believes that India will play a key role in shaping the future of the global smartphone industry, and that CMF has been well-received by the market since its launch two years ago. The company is confident in its end-to-end capabilities and is positioning the new subsidiary as India's first truly global smartphone brand. The article does not mention the specific amount of funding required for this new venture, but it notes that Nothing recently raised $200 million in a funding round, which could potentially be used to support the project.