The race for fully reusable space transportation has a new heavyweight contender. EtherealX, the Bengaluru-based startup founded by former ISRO engineers, has successfully closed a $20.5 million (approx. ₹185 crore) Series A round. Led by TDK Ventures and BIG Capital, the round marks one of the largest early-stage investments in the Indian “Spacetech” sector to date.
The Goal: Beyond Booster Recovery
While SpaceX has mastered the art of landing first-stage boosters, EtherealX is aiming for the “holy grail” of spaceflight: full-stage reusability. Their flagship vehicle, the Razor Crest Mk-1, is being designed to recover both its booster and its upper stage, a feat that could drop orbital delivery costs to as low as $350 per kilogram.
Razor Crest Mk-1 Specifications:
- Expendable Mode: 24.8 tonnes payload to Low Earth Orbit (LEO).
- Fully Reusable Mode: 8 tonnes payload to LEO.
- Propulsion: Powered by the Stallion (booster) and Pegasus (upper-stage) engines, utilizing a proprietary “Full-Flow Segregated Cooling Cycle.”
Funding Breakdown & Lead Investors
The oversubscribed round reflects massive investor confidence in India’s deep-tech capabilities following the success of missions like Chandrayaan-3 and the private launch of Skyroot’s Vikram-S.
| Round Detail | Information |
| Amount Raised | $20.5 Million |
| New Valuation | $80.5 Million (5.5x increase) |
| Lead Investors | TDK Ventures, BIG Capital |
| Key Participants | Accel, Prosus, YourNest, BlueHill Capital, Campus Fund, Riceberg Ventures |
2026–2028 Roadmap: The Path to Orbit
The new capital will be deployed immediately to scale infrastructure and meet aggressive testing milestones:
- Mid-2026: Hot-fire engine tests for the Stallion and Pegasus engines at their dedicated site in Tamil Nadu.
- Mid-2026: Operational launch of a 150-acre manufacturing campus in Andhra Pradesh’s proposed “Space City.”
- Late 2027: First technology demonstration flight (Razor Crest TDV).
- 2028: Commencement of commercial launches with a target of 5–6 missions annually.
“Our mission is to make space as accessible as intercontinental travel. By recovering both stages, we aren’t just cutting costs; we are creating a sustainable loop for the future of the space economy.” — Manu J. Nair, CEO of EtherealX.
Conclusion: A Global Launch Challenger
EtherealX has already secured $130 million in MOUs from international clients, including Japan’s SpaceBD and Taiwan’s TASA.17 As global satellite operators look for alternatives to the long waiting lists of SpaceX and Arianespace, EtherealX’s focus on high-cadence, low-cost reusability positions India as a primary hub for the next decade of orbital logistics.
