Tech company Nothing is spinning off its budget brand, CMF, into its own company.

Nothing CEO Carl Pei announced the move on X, saying he plans to turn CMF into an India-based consumer tech brand.

Pei wrote on X that Nothing plans "to establish CMF as a subsidiary headquartered in India - building it into the country’s first truly global consumer tech brand." It would be "built from India, to the world," he wrote.

The CEO wrote that the company planned to partner with local manufacturer Optiemus, investing more than $100 million to set-up CMF's new operations. Pei also claimed the venture would create at least 1,800 jobs.

CMF's products are decidedly budget friendly. Perusing through Nothing's website, you can find CMF phones for under $300, smartwatches for around $100, and earbuds for about $70. That's certainly a different business plan in a world where a new cellphone can routinely run you more than $1,000.