UK tech company Nothing established a joint venture with Optiemus Infracom on Thursday to expand manufacturing in India. Optiemus Infracom manufactures global smartphone brands like OnePlus and Realme. According to the report, both companies will invest more than $100 million in the initiative.
The smartphone maker stated that the deal will create over 1,800 jobs in the company over the next three years. Nothing also revealed that it had already invested over $200 million in the country, backed by singer The Weekend and Google Ventures. The new initiative pushes the company’s valuation to around $1.3 billion.
Nothing sees growth opportunity in India
CEO of Nothing, Carl Pei, mentioned that the government has been pushing for a ‘Make in India’ program for the past decade. He stated that he sees a big growth opportunity in the Indian market, revealing that Nothing plans to create India’s first smartphone company or smart-hardware company that can go global.
The phone manufacturer said its initiative is targeting Gen Zers in the world’s most populous nation to build the country’s first global phone brand. Nothing added that it also plans to relocate the CMF sub-brand to India to make the South Asian country its global production and export hub.
Nothing aims to reach a 2% market share in India’s smartphone market this year. Pei added that the South Asian country is the company’s biggest market, followed by Europe.
The company also hopes to establish India as its global base for research, development, and manufacturing of its affordable device brand. Pei revealed that Nothing is starting with smartphones, audio products, and smart watches, with plans to expand its operating system into smart glasses, humanoid robots, EVs, and other devices.
Nothing plans to launch CMF Headphone Pro next week
Nothing is also planning to launch its first pair of over-ear headphones on September 29, following the release of its Headphone 1 wireless over-ear cans earlier this year. The company revealed last week that it will release its second set of headphones, called the CMF Headphone Pro, through its CMF affordability-focused sub-brand.
The teaser video on Thursday showed that the new headphones appear to allow users to customize the appearance of the devices. The video shows a gray ear cushion on the Headphone Pro being replaced by a bright orange alternative that rotates and locks into place.
The first teaser video also revealed that the CMF Headphones come in light green and bright orange colors. The CMF Headphone Pro appears to include multiple buttons and controls, similar to Headphone 1 but in different shapes and sizes.
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Source: https://www.cryptopolitan.com/nothing-100m-optiemus-infracom-venture/
