Bengaluru, India – January 2026: Indian space-tech company Ethereal Exploration Guild (EtherealX) has raised $20.5 million in a Series A funding round co-led by TDK Ventures and BIG Capital, with participation from Accel, Prosus, YourNest Venture Capital, BlueHill Capital, Campus Fund, and Riceberg Ventures.
The fresh funding follows EtherealX’s $5 million seed round in August 2024, which was led by YourNest and supported by BIG Global Investments JSC, BlueHill Capital, Campus Fund, Golden Sparrow Ventures, and several prominent angel investors including Karan Bhagat and Yatin Shah (IIFL Wealth).
The newly raised capital will be used to develop and test Razor Crest Mk-1, the company’s first fully reusable medium-lift launch vehicle, as EtherealX works toward reducing space launch costs and increasing access to orbit for global clients.
Pioneering India’s Next Generation of Reusable Rockets
Founded in 2022 by Manu J. Nair, Shubhayu Sardar, and Prashanth Sharma, EtherealX is positioning itself as a potential SpaceX challenger from India. The company is developing the Razor Crest Mk-1, a medium-lift, fully reusable launch vehicle capable of carrying up to 24.8 tonnes to low Earth orbit (LEO) and 10.8 tonnes to geosynchronous transfer orbit (GTO).
In just three and a half years, the Bengaluru-based startup has successfully built two proprietary rocket engines that will power Razor Crest Mk-1’s two stages. These reusable engines are designed to significantly cut orbital transportation costs—targeting an ambitious price point between $500 and $1,000 per kilogram.
EtherealX’s upper-stage reusable engine, named Pegasus, features a unique Full Flow Segregated Cooling Cycle (FFSCC) — a proprietary engine feed system that improves cooling efficiency, thrust management, and reusability.
Accelerating India’s Role in the Global Space Economy
With the global space economy expected to exceed $1.8 trillion by 2035, EtherealX is aiming to make India a major contributor to next-generation launch capabilities.
The company has signed collaboration agreements with the Indian National Space Promotion and Authorization Centre (IN-SPACe), ISRO, and other international space agencies, as well as commercial satellite operators and launch aggregators around the world.
“Our mission is to make space access faster, cheaper, and fully sustainable,” said Manu J. Nair, Co-founder and CEO of EtherealX. “By building reusable launch systems entirely in India, we aim to redefine how the world approaches orbital logistics — with reliability, precision, and affordability at the core.”
EtherealX plans to use the latest funding to:
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Scale engineering and manufacturing operations for Razor Crest Mk-1.
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Advance AI-driven design simulations and engine testing infrastructure.
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Strengthen global partnerships with government and private launch agencies.
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Accelerate the roadmap toward commercial flight readiness.
Building the Future of Affordable Space Transport
EtherealX’s innovations in reusable rocket design and propulsion systems underscore India’s growing presence in deep-tech and space innovation. By merging indigenous R&D with cutting-edge engineering, the company aims to deliver rapid launch turnaround times, increased payload capacity, and reduced cost per mission, setting new global benchmarks for the medium-lift launch segment.
As private space exploration continues to expand, EtherealX is emerging as a key player in India’s space-tech ecosystem, combining technological excellence with a vision for sustainable and scalable space transportation.
Ruchi Kumar is the associate editor at Entrepreneur News Network and TVW News India, where he leads editorial strategy, brand storytelling, and startup ecosystem coverage. With a strong focus on innovation, business, and marketing insights, he curates impactful narratives that spotlight India’s evolving entrepreneurial landscape.