India’s private spacetech momentum gathered further pace as Ethereal Exploration Guild (EtherealX) closed a $20.5 million Series A round, propelling its valuation nearly sixfold to around $80 million (Rs 720 crore).
The round was led by existing backer BIG Capital, with participation from TDK Ventures, Accel, Prosus, YourNest Venture Capital, BlueHill Capital, Campus Fund, and Riceberg Ventures, among others.
Funding Structure and Valuation Surge
As per regulatory filings, EtherealX approved the issuance of 9,763 Series A preference shares at Rs 1,87,920 each, aggregating to Rs 183.4 crore ($20.5 million). The company has already received approximately $9.7 million, with the remaining capital expected to be infused shortly.
Post-allotment, EtherealX’s valuation stands at Rs 720 crore, a sharp jump from Rs 120 crore when it raised $5 million in seed funding in August 2024 marking a 6X increase in under 18 months.
Following the round, BIG Capital will emerge as the largest external shareholder with an 12.11% stake, while co-founders Manu J. Nair, Shubhayu Sardar, and Prashanth Sharma will each retain 13.04%.
Building India’s Reusable Launch Capability
Founded in 2022, EtherealX is developing Razor Crest Mk-1, a fully reusable medium-lift launch vehicle designed to carry up to eight tonnes to low Earth orbit. The rocket is also being engineered for geostationary transfer and trans-lunar injection missions.
The fresh capital will primarily support engineering, testing, and development of the Razor Crest Mk-1 platform as the company positions itself in the global commercial launch market currently dominated by players such as SpaceX.
Pre-Revenue Stage, Controlled Burn
For FY25, EtherealX remained in the pre-revenue stage, reporting Rs 1.1 crore in non-operating income and a loss of Rs 4.2 crore, reflecting early stage R&D investments typical of capital-intensive aerospace ventures.
The fundraise comes amid rising investor interest in India’s spacetech ecosystem, with startups like Digantara, Agnikul, and Pixxel also securing significant capital over the past year.
With deep pocketed investors and an ambitious reusable rocket roadmap, EtherealX is emerging as one of India’s most closely watched private space ventures.
Follow Startupbydoc for daily startup insights, funding news, IPO analysis, and business breakdowns.