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Update | Aug 13, 15:29 IST

Almost two months after Inc42 had exclusively reported about former Dyson India MD Ankit Jain raising capital from BEENEXT for his new venture, the startup officially announced the development today. Foundry has raised ₹12 Cr in funding from BEENEXT and Kettleborough VC, with participation from Rishubh Satiya of Plix, Anindita Sampath of Yogabar, and Anita Pramoda of Owned Outcomes.

The funding will support technology development and product engineering as Foundry prepares its first product range of kitchen appliances for launch in H2 2027.

Original | Oct 13, 14:29 IST

Former Dyson India MD Ankit Jain is working on a startup focused on building premium consumer appliances, sources told Inc42. 

The startup, which is currently operating in stealth, has raised pre-seed funding from Singapore-headquartered BEENEXT, the sources added. The amount raised could not be ascertained. 

While queries sent to BEENEXT did not elicit a response, Jain declined to comment. 

An ISB alumnus, Jain worked with Nestle India, Walmart, and 21st Century Fox before joining UK-based technology company Dyson in 2017. He was elevated as MD of Dyson India in 2021 to oversee the company’s expansion in the country. 

Last year, he was appointed MD of Dyson’s Middle East and Africa operations. He stepped down from the company in February this year. 

“Over these years, I built Hong Kong and Taiwan into a top 10 market, returned to India and turned around the business, and strengthened the Dyson into a brand that every customer aspired to own, and every business desired to build,” Jain said in a LinkedIn post announcing his exit from Dyson yesterday.

In the same post, he added, “Time to build something new. More soon.”

Jain’s startup will enter a segment that includes new-age brands such as Nester, Nuuk, Atomberg, Geek Technology, and Wonderchef. These brands are focusing on product innovation and newer designs to compete with legacy players such as Havells and Usha. 

Earlier this year, Nester raised around ₹19 Cr to expand its product portfolio, while Nuuk raised $4.5 Mn last year. 

Mumbai-based Atomberg has raised about $126.5 Mn to date from investors such as Inflexor Ventures, Trifecta Capital, Steadview Capital, and Temasek. It is now looking to raise ₹1,500 Cr to ₹2,000 Cr through an IPO. 

India’s household appliances market is expanding on the back of rising disposable incomes, urbanisation, growing adoption of smart appliances, and the expansion of ecommerce and retail infrastructure. 

The market, estimated at $22.45 Bn in 2024, is projected to reach $33.63 Bn by 2030, growing at a CAGR of 7.2% between 2025 and 2030. 

The post [Update] Exclusive: Former Dyson India Boss Ankit Jain Bags Funding From BEENEXT For New Venture appeared first on Inc42 Media.