Funding · Government, Defense & Space
EtherealX raises $20.5M Series A for reusable rocket
By Startup Enthusiast ·
- Date
- Company
- EtherealX
- What it does
- Reusable medium-lift launch vehicle developer
- Kind
- Funding
- Amount
- $20.5M
- Stage
- Series A
- Founded
- 2022
What they do
EtherealX builds the fully reusable medium-lift launch vehicle Razor Crest Mk-1
What happened
It raised $20.5M in Series A led by existing investor BIG Capital
Why it matters
The post-money valuation of $80M is 6x its seed round valuation from August 2024
The details
- EtherealX announced a $20.5M Series A funding round.
- The round was led by BIG Capital, an existing investor.
- Other participants include TDK Ventures, Accel, Prosus, YourNest Venture Capital, BlueHill Capital, Campus Fund, and Riceberg Ventures.
- The company issued 9,763 Series A preference shares at Rs 1,87,920 each to raise Rs 183.4 crore.
- BIG Capital invested Rs 53.7 crore ($6M), and TDK Ventures invested Rs 44.7 crore ($5M).
- YourNest Venture Capital and BlueHill Capital each invested Rs 26.85 crore ($3M).
- The company has received ~Rs 87.4 crore ($9.7M) so far, with the rest expected soon.
- Post-allotment, BIG Capital holds 12.11%, YourNest 11.64%, Campus Fund 10.25%, BlueHill 8.38%, TDK Ventures 6.21%, and Accel and Prosus each 0.62%.
The bigger picture
- The spacetech sector has seen significant fundraising in the past 12 months, including Digantara ($50M), CoreEL Technologies ($30M), and Agnikul ($17M).
- EtherealX's post-money valuation of $80M is a 6x increase from its Rs 120 crore seed round in August 2024.
- The company had no operating revenue in FY25, with Rs 1.1 crore non-operating income and a Rs 4.2 crore loss.
About the business
- EtherealX is developing the Razor Crest Mk-1, a fully reusable medium-lift launch vehicle.
- The rocket can carry up to 8 tonnes to low Earth orbit (LEO), and also supports geostationary transfer orbit (GTO) and trans-lunar injection.
- The company was founded in 2022 by Manu J. Nair, Shubhayu Sardar, and Prashanth Sharma.
- Each co-founder retains a 13.04% stake in the company.
What happens next
- The funds will be used to develop the Razor Crest Mk-1 launch vehicle.
The deal
- Type
- Series A
Investors
- BIG Capital (lead) — Existing investor; invested Rs 53.7 crore ($6M).
- TDK Ventures (participated) — Invested Rs 44.7 crore ($5M).
- YourNest Venture Capital (participated) — Invested Rs 26.85 crore ($3M).
- BlueHill Capital (participated) — Invested Rs 26.85 crore ($3M).
- Campus Fund (participated)
- Accel (participated)
- Prosus (participated) — Invested via MIH Ventures One B.V.
- Riceberg Ventures (participated)
Founders
- Manu J. Nair, Co-founder
- Shubhayu Sardar, Co-founder
- Prashanth Sharma, Co-founder
About EtherealX
- Product
- Razor Crest Mk-1, a fully reusable medium-lift orbital rocket powered by proprietary Stallion and Pegasus engines
- Customers
- Satellite operators, space defense agencies, and commercial payload enterprises
- How it makes money
- Charges commercial and defense customers fee-per-launch for orbital payload delivery
- What sets it apart
- Full reusability of both booster and upper stages to dramatically lower payload launch costs
- Operations
- In-house rocket engine manufacturing, hot-fire testing facilities, and launch demonstration programs
More on EtherealX
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