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London-based tech startup and phone manufacturer Nothing is reportedly in advanced discussions to establish a Rs 1,000-crore joint venture with top Indian and multinational electronics manufacturers, aiming to position India as its central global production and export hub, according to sources cited by Money Control.
If finalized, the deal could see Nothing invest over Rs 1,000 crore to build a new facility in India for manufacturing smartphones and audio products, serving both domestic and international markets.
Strategic Leadership Moves
Nothing’s co-founder and CEO, Carl Pei, recently visited India to meet key manufacturing partners, including Noida-based Dixon Technologies and BYD India, reinforcing the country’s growing role in its supply chain strategy.
The company has also appointed co-founder Akis Evangelidis as president of its India operations, signaling a focus on aggressive expansion in the world’s second-largest smartphone market.
The reports also suggest that Nothing’s leadership believes the brand could emerge as a top player in India’s competitive smartphone sector within a few years.
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Aligning With ‘Make in India’ Trends
The talks align with a broader industry shift as foreign and Chinese smartphone brands like Vivo, Oppo, and Transsion Holdings partner with Indian firms to comply with the government’s push for local manufacturing.
Dixon Technologies, Nothing’s current manufacturing partner, has already collaborated with Transsion’s Ismartu India and Vivo. Additionally, the Indian government has actively encouraged such joint ventures to boost domestic production and reduce reliance on imports.
Rapid Growth Fuels Ambitions
Nothing’s expansion plans follow a record-breaking 577% year-on-year growth in 2024, driven by its budget-friendly Phone (2a) and CMF sub-brand, per Counterpoint Research.
The company has logged five consecutive quarters of robust growth and has sold over 7 million devices globally.
Analysts note that Nothing’s pricing strategy and offline retail push, aiming to expand from 9,000 to 12,000 stores by 2025, have strengthened its foothold. It is also worth noting that its recent Phone (3a) series is already being produced at BYD’s Chennai facility.
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Global Supply Chain Uncertainties Drive Local Partnerships
Industry experts suggest Nothing’s move reflects a need to secure manufacturing stability amid global supply chain disruptions. Partnering with reliable Indian manufacturers could help Nothing scale efficiently while navigating component shortages.
No Official Confirmation Yet
While reports outline ambitious plans, Nothing has not officially confirmed the joint venture or investment figures.
