India’s Private Space Launch Market Is Heating Up
As satellite constellations scale and global demand for cost-efficient orbital access rises, launch economics have become the next battleground in the space economy. While India has strong public-sector capabilities, private launch startups are now racing to build reusable systems that can compete globally on cost, cadence, and payload flexibility.
Funding Snapshot and Investor Line-up
Bengaluru-based space technology startup Ethereal Exploration Guild, also known as EtherealX, has raised $20.5 million (around ₹170 crore) in a Series A funding round co-led by TDK Ventures and BIG Capital. The round saw participation from Accel, Prosus, YourNest Venture Capital, BlueHill Capital, Campus Fund, and Riceberg Ventures.
EtherealX had earlier raised $5 million in a seed round in August 2024.
What EtherealX Is Building
Co-founded in 2022 by Manu J. Nair, Shubhayu Sardar, and Prashanth Sharma, EtherealX is developing Razor Crest Mk-1, a fully reusable medium-lift launch vehicle. The rocket is designed to carry up to 24.8 tonnes to Low Earth Orbit and 10.8 tonnes to Geosynchronous Transfer Orbit, with future capability for trans-lunar missions. The company has already built both engines that power its two-stage vehicle and uses a proprietary Full Flow Segregated Cooling Cycle engine architecture to improve efficiency and reusability.
Why This Funding Matters
The fresh capital will be used to accelerate development of Razor Crest Mk-1 and advance EtherealX’s goal of reducing launch costs to $500–$1,000 per kg. With collaboration agreements in place with IN-SPACe and ISRO, EtherealX reflects growing global investor confidence in India’s private launch ecosystem. For Indian founders, the round signals that deep-tech, capital-intensive space infrastructure is now firmly on the venture capital roadmap.
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