Bengaluru-based spacetech startup Ethereal Exploration Guild (EtherealX) has raised $20.5 million (₹183.4 crore) in a Series A funding round led by existing investor BIG Capital, with participation from TDK Ventures, Accel, Prosus (via MIH Ventures One B.V.), YourNest Venture Capital, BlueHill Capital, Campus Fund, Riceberg Ventures, and Kicksky Lab.
According to regulatory filings with the Registrar of Companies (RoC), EtherealX’s board approved the issuance of 9,763 Series A preference shares at an issue price of ₹1,87,920 per share to raise ₹183.4 crore. The company has already received ₹87.4 crore ($9.7 million), with the remaining funds expected to be infused shortly.
BIG Capital is leading the round with an investment of ₹53.7 crore ($6 million), followed by TDK Ventures with ₹44.7 crore ($5 million).
YourNest Venture Capital and BlueHill Capital are each investing ₹26.85 crore ($3 million), while the balance is being infused by Campus Fund, Accel, Prosus, Riceberg Ventures, and Kicksky Lab.
With this round, EtherealX’s post-money valuation has surged nearly sixfold to ₹720 crore (around $80–80.5 million), compared to a valuation of ₹120 crore when it raised $5 million in seed funding in August 2024 from YourNest, BIG Capital, and other investors.
Founded in 2022 by Manu J. Nair, Shubhayu Sardar, and Prashanth Sharma, EtherealX is focused on building what it claims will be the world’s first fully reusable medium-lift launch vehicle, Razor Crest Mk-1. Designed for absolute reusability, the rocket aims to recover both the booster and upper stage, significantly reducing launch costs to an estimated $500–$1,000 per kilogram. In expendable mode, Razor Crest Mk-1 can carry up to 24.8 metric tonnes to low Earth orbit, while in fully reusable configuration it is expected to deliver around 8 tonnes, with capabilities extending to geostationary transfer and trans-lunar injection orbits.
Following the Series A allotment, BIG Capital will emerge as the largest external shareholder with a 12.11% stake, followed closely by YourNest Venture Capital at 11.64%. Campus Fund will hold 10.25%, BlueHill Capital 8.38%, and TDK Ventures 6.21%, while Accel and Prosus will each own 0.62% of the company. The founding team, Manu J. Nair (CEO), Shubhayu Sardar (COO), and Prashanth Sharma (CTO), will each retain a 13.04% stake in the company.
The startup is developing two proprietary liquid rocket engines in-house: Stallion, a 1.2-meganewton booster engine using a gas-generator cycle, and Pegasus, an 80-kilonewton upper-stage engine featuring a Full Flow Segregated Cooling Cycle. Proceeds from the Series A round will be used to accelerate the development and testing of these engines and the Razor Crest Mk-1 vehicle.
On the financial front, EtherealX remained in the pre-revenue stage for the fiscal year ended March 2025 and did not report any operating revenue. However, it recorded ₹1.1 crore in non-operating income during FY25, primarily from mutual fund gains and a government grant. The company reported a net loss of ₹4.2 crore during the same period.
EtherealX currently operates a test site in Tamil Nadu and is establishing a 150-acre manufacturing campus in Andhra Pradesh, which is expected to be operational by mid-2026. The company has also signed Memoranda of Understanding (MoUs) worth $130 million with global customers, including Japan’s SpaceBD and Taiwan’s TASA.
The funding comes amid heightened investor interest in India’s spacetech ecosystem. Over the past year, several Indian spacetech startups have raised significant capital, including Digantara ($50 million), CoreEL Technologies ($30 million), and Agnikul ($17 million). Other notable startups in the sector include Inspecity, Manastu Space, Sisir Radar, OrbitAid, Pixxel, Ulook, and Akashalabdhi, reflecting the growing momentum in the country’s private space industry.
