Nothing seeks Rs 1,000-crore JV, scouts for partners to make India global export hub

Nothing founder and CEO Carl Pei.

Nothing is exploring a Rs 1,000-crore joint venture with top electronics manufacturers, a move that could transform India into a global export hub for the London-based smartphone maker, sources have told Moneycontrol.

The joint venture will go beyond serving just the domestic market and aims to make India the central manufacturing base for Nothing’s global supply chain, the sources said.

“Nothing is looking at a joint venture with a key manufacturing partner in India, the talks with different potential partners are in advanced stages,” a person familiar with the company’s plans told Moneycontrol.

Once the JV is finalised, Nothing plans to invest upwards of Rs 1,000 crore over the next few years to set up a new facility for producing both smartphone and audio products in India, the person said.

The company is evaluating joint venture opportunities with several top Indian and multinational electronics manufacturing services (EMS) firms.

At present, Nothing manufactures its smartphones through Noida-based Dixon and BYD India, the local arm of China’s BYD.

Nothing CEO Carl Pei, who was in India recently, met key partners and EMS companies, as he underlined the country’s role as a rising global smartphone manufacturing hub.

Nothing has appointed co-founder Akis Evangelidis as president of India, tasked with driving expansion in the world’s second-largest smartphone market.

“The Nothing management believes Nothing has the potential to be a leading smartphone brand in India in coming years,” another source said.

The development comes as several Chinese smartphone brands explore or establish similar joint ventures with Indian firms.

Dixon has already partnered with Ismartu India, a subsidiary of China’s Transsion Holdings, and with Vivo India, while Oppo is also reportedly in discussions for a similar JV.

The government has been actively encouraging foreign smartphone brands, particularly Chinese ones, to bring Indian partners into local manufacturing, aligning with its “Make in India” push.

According to Counterpoint Research, Nothing was the fastest-growing smartphone brand in 2024, recording a staggering 577 percent YoY growth, thanks to the success of its Phone (2a) and CMF sub-brand. It has now posted five consecutive quarters of top-tier growth.

With this momentum, the company is expected to venture into more ecosystem categories in the near future, Tarun Pathak, Research Director at Counterpoint, told Moneycontrol.

As part of this strategy, “partnering with a reliable local manufacturer in India becomes crucial, especially given the current uncertainty around global supply chains and component availability”, Pathak said.

With growing scale and volumes in the Indian market, Nothing is now in a better position to consolidate its manufacturing partnerships locally, he said.

As part of its 2025 strategy, Nothing plans to expand its offline retail footprint to 12,000 stores, up from 9,000. Its upcoming Phone (3a) series is being manufactured at BYD India’s Chennai facility.

Outside India, Europe is the other key market for Nothing and both regions are expected to anchor its global growth.
Nothing has already sold over 7 million devices globally across its product lines, solidifying its position as a rising challenger brand.

“Their growth strategy appears to be working well. They've gained significant mindshare, especially due to their pricing strategy, brand positioning, and launch of a sub-brand CMF. Nothing’s branding efforts and consistent product quality have helped the company build both momentum and scale,” Pathak said.