Whalesbook
Bengaluru-based spacetech startup EtherealX has secured $20.5 million in Series A funding, reaching a valuation of $80.5 million. The capital injection is earmarked for advancing its reusable rocket technology.
TDK Ventures and BIG Capital spearheaded the round, with significant contributions from Accel, Prosus, YourNest Venture Capital, BlueHill Capital, Campus Fund, and Riceberg Ventures. This funding marks a key step in the company's growth trajectory.
Reusable Rocket Ambitions
EtherealX plans to utilize the Series A proceeds to accelerate the design and testing of a fully reusable launch vehicle. The company targets mid-2026 for engine hot-fire tests and a technology demonstration flight by late 2027. Development of robust recovery systems for both the booster and upper stage is also a priority.
In-House Engine Development
The startup is developing two proprietary engines: the Stallion booster engine and the Pegasus upper-stage engine. The Razor Crest Mk-1 vehicle will integrate nine Stallion engines for liftoff thrust and 15 Pegasus engines for space propulsion. This rocket is engineered to carry up to 24.8 tonnes in expendable mode, or approximately 8 tonnes when fully reusable.
Commercialization Roadmap
Founder Manu Nair stated that the first demonstration flight is slated for 2027. Commercial launches are projected to commence by the end of 2028, with an initial cadence of five to six missions annually, followed by gradual scaling. The company also has ambitions to explore high-density energy solutions like small modular nuclear reactors in the future.
Manufacturing and Agreements
EtherealX has secured 150 acres in Andhra Pradesh for its manufacturing and testing operations. Additionally, the company has inked launch agreements valued at $130 million with international clients, including Japan's SpaceBD and Taiwan's TASA.
Indian Spacetech Momentum
This funding round underscores the burgeoning private spacetech sector in India. Companies like Skyroot Aerospace are making strides, recently successfully testing its Kalam-1200 solid rocket booster. Investor interest in Indian space capabilities is escalating, with spacetech startups raising a record $157 million last year, a substantial increase from the $81 million raised in 2024. Projections estimate the Indian spacetech market could reach $77 billion by 2030.