Bengaluru-based spacetech startup Ethereal Exploration Guild, known as EtherealX, has raised $20.5 million in a Series A funding round co-led by TDK Ventures and BIG Capital.
The round also saw participation from Accel, Prosus, YourNest Venture Capital, BlueHill Capital, Campus Fund, and Riceberg Ventures.
The startup plans to use the fresh capital to develop its first fully reusable medium-lift launch vehicle, Razor Crest Mk-1. The funding will support engine testing, vehicle integration, and infrastructure expansion as EtherealX prepares for upcoming technology demonstrations and future commercial launches.
EtherealX was founded in 2022 by Manu J. Nair, Shubhayu Sardar, and Prashanth Sharma. The founding team brings experience across aerospace engineering, propulsion systems, and space missions. Since inception, the company has focused on building reusable launch systems designed and manufactured entirely in-house.
Razor Crest Mk-1 is designed to place up to 24.8 tonnes into Low Earth Orbit in expendable mode and around 8 tonnes in a fully reusable configuration, with capabilities extending to GTO and trans-lunar missions.
EtherealX has already developed two proprietary engines, the Pegasus upper-stage engine and the Stallion booster engine within a span of three and a half years.
The startup aims to lower launch costs to the $500–$1,000 per kilogram range by using full reusability and a proprietary Full Flow Segregated Cooling Cycle (FFSCC) engine architecture.
It currently operates a large engine testing facility in Cuddalore, Tamil Nadu, and is setting up a 150-acre manufacturing and testing campus in Andhra Pradesh, expected to be operational by mid-2026.
EtherealX has also signed collaboration agreements with IN-SPACe, ISRO, and several international space agencies and commercial satellite players.
The company says it has secured launch MoUs worth $130 million with global customers and is targeting its first technology demonstration flight in late 2027, positioning itself as a long-term player in the global launch services market.
