Nothing is spinning off its budget brand CMF into an independent subsidiary, according to a report by TechCrunch. India will serve as the newly-formed company’s headquarters for manufacturing and R&D, thanks to a partnership with one of the country’s telecom operators. Nothing says this venture will create over 1,800 jobs in the country.

India is actually a good choice for the HQ. The country is Nothing’s strongest market overall, with over a 2 percent market share in smartphones. It’s the fastest-growing brand in the region, with an 85 percent growth in shipments year over year. CMF also specializes in budget-friendly handsets under $200 and this is the dominant category in India, according to the IDC.

“India will play a key role in shaping the future of the global smartphone industry. CMF has been well-received by the market since we launched it two years ago,” Nothing CEO Carl Pei said in a statement. “With our end-to-end capabilities, we are uniquely positioned to now build it into India’s first truly global smartphone brand.”

Nothing hasn’t said how much money it would take to set up this new subsidiary, but the company did just raise $200 million in a funding round. Maybe some of that cash will be funneled to this project.

The company first launched CMF back in 2023. It started with the release of a pair of earbuds and a smartwatch but has since moved on to smartphones.

This article originally appeared on Engadget at https://www.engadget.com/mobile/smartphones/nothing-is-spinning-off-its-budget-cmf-brand-152505010.html?src=rss