London-based consumer tech brand Nothing is in advanced talks to establish a joint venture worth Rs 1,000 crore with leading electronics manufacturing service (EMS) firms in India, aiming to transform the country into its primary global manufacturing and export hub, Moneycontrol reported.
As per the report, the proposed joint venture is expected to go beyond catering to domestic demand, instead serving as a critical node in Nothing’s international supply chain. Once finalised, the company plans to invest over Rs 1,000 crore in setting up a dedicated facility in India for manufacturing both smartphones and audio products.
Nothing is currently evaluating several top-tier Indian and multinational EMS partners. At present, it manufactures smartphones in India through Noida-based Dixon Technologies and BYD India, the local arm of China’s BYD.
Company co-founder and CEO Carl Pei, who was recently in India, met with key partners and EMS firms to reinforce the country’s growing importance in the global smartphone manufacturing ecosystem. As part of this push, co-founder Akis Evangelidis has been appointed as the President of India operations, leading the company’s strategic expansion in one of the world’s largest smartphone markets.
As per the report, a source familiar to the matter said that the Nothing management believes the company has the potential to become a leading smartphone brand in India in the coming years.
The development comes amid a broader industry trend, where foreign and Chinese smartphone brands are entering joint ventures with Indian firms to align with the government’s “Make in India” initiative. Similar deals have recently been explored by Vivo India, Oppo and Transsion Holdings’ Ismartu India in partnership with Dixon.
According to a report by Counterpoint Research, Nothing was the fastest-growing smartphone brand in 2024, posting a 577% year-on-year growth, largely driven by the success of its Phone (2a) and CMF sub-brand. The company has now registered five consecutive quarters of top-tier growth.
Furthermore, Nothing is also planning to expand its offline retail presence to 12,000 stores across India in 2025, up from the current 9,000. Its upcoming Phone (3a) series is already being manufactured at BYD India’s Chennai facility.