Bengaluru-based spacetech startup EtherealX has raised $20.5 million (around INR 185 crore) in a Series A funding round. The round was led by TDK Ventures and BIG Capital.
Other investors who took part include Accel, Prosus, YourNest Venture Capital, BlueHill Capital, Campus Fund, and Riceberg Ventures.
After this funding, EtherealX’s valuation jumped 5.5 times, reaching $80.5 million.
The startup will use the funds to design and test a fully reusable launch vehicle. It plans to carry out engine hot-fire tests by mid-2026 and conduct a technology demonstration flight in late 2027.
The funding will also help develop recovery systems for both the booster and the upper stage. The company is aiming to begin commercial launch missions from 2028.
“Our first demonstration flight is planned for 2027. By the end of 2028, we aim to start commercial launches, doing five to six missions a year and ramping up gradually,” founder Manu Nair said.
Bengaluru-based EtherealX is building two engines in-house: the Stallion engine for the booster and the Pegasus engine for the upper stage. Its main rocket, Razor Crest Mk-1, will use nine Stallion engines in the booster and 15 Pegasus engines in the upper stage.
The rocket can carry up to 24.8 tonnes of payload when used once (expendable mode). When fully reusable, it can carry about 8 tonnes.
EtherealX runs the Base 001 test site in Tamil Nadu to test upper-stage systems. It is also setting up a 150-acre facility in Andhra Pradesh’s planned space city, which is expected to be ready by mid-2026. These sites will be used for testing multiple engines together.
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