Nothing's CEO sees India's smartphone potential mirroring China's

Carl Pei, the CEO of Nothing, has drawn a comparison between India's smartphone market and China's market a decade ago. He believes India is on the verge of a significant change, much like China was ten years ago. Pei is currently in India, where he has praised the government's efforts in local manufacturing and highlighted the country's growing tech industry and expanding consumer base. According to Pei, these positive developments are driving a transformation in the Indian smartphone industry. He announced that India has now become the largest market for Nothing, which he co-founded in 2020 after leaving OnePlus. Pei noted on social media that “India today stands where China was a decade ago” regarding smartphone growth. Nothing has seen remarkable success in India, boasting a 510% year-on-year growth in shipments during the third quarter of 2024. This impressive number makes it the fastest-growing smartphone brand in the region, demonstrating the effectiveness of its strategy. Nothing first gained recognition with its Ear (1) wireless earbuds, known for their unique transparent design and competitive pricing. The company has since expanded its range to include the Phone (1) and other audio devices, always focusing on minimalist design and a seamless user experience. In 2024, Nothing doubled its annual revenue to over $500 million and crossed $1 billion in lifetime sales. Carl Pei, born in Beijing in 1989, has a strong background in the consumer electronics market. Before founding Nothing, he co-founded OnePlus, helping establish the brand's global presence. At Nothing, Pei aims to connect people with technology through innovative and well-designed products, a vision that has contributed to the company’s rapid growth and popularity.