Launch
EtherealX
Bengaluru startup, incorporated as Ethereal Exploration Guild, developing the fully reusable Razor Crest Mk-1; nothing has flown, and its demonstration flight now targets 2027.
EtherealX — incorporated as Ethereal Exploration Guild and reported from January 2026 under the shortened brand The Guild — is a Bengaluru company building a fully reusable medium-lift rocket. It was founded in 2022 by chief executive Manu J. Nair, chief operating officer Shubhayu Sardar, a former ISRO scientist, and chief technology officer Prashant Sharma. Its vehicle, Razor Crest Mk-1, is designed to bring back both the booster and the upper stage; TechCrunch reports 24.8 tonnes to low Earth orbit in expendable form, 22.8 tonnes partially reusable, and 8 tonnes when both stages are recovered.
The rocket is built around two engines developed in-house. The 1.2-meganewton Stallion booster engine runs a gas-generator cycle with a sea-level specific impulse of 306 seconds, and the 80-kilonewton Pegasus upper-stage engine uses an additively manufactured turbopump for a vacuum specific impulse of 323 seconds. Razor Crest Mk-1 clusters nine Stallions on the booster and 15 Pegasus engines on the upper stage. Upper-stage engine qualification runs at BASE-001, a test site at Cuddalore in Tamil Nadu that the company calls India's largest privately owned rocket testing facility, and a second campus, BASE-002, is planned on 150 acres at the proposed space city in Andhra Pradesh for integrated stage and engine firings.
Nothing has flown. When EtherealX announced a $5 million seed round in August 2024 it said its technology demonstrator vehicle would launch in 2026; by January 2026 the demonstration flight had moved to November or December 2027, with commercial missions from late 2028 and hot-fire tests of both engines set for June and July 2026. None of the sources gathered for this profile records a completed hot fire, and the company remains pre-revenue: Entrackr reported non-operating income of ₹1.1 crore and a loss of ₹4.2 crore for FY25.
Money has come in two rounds. The August 2024 seed was $5 million led by YourNest, at a valuation TechCrunch put at $14.6 million. In January 2026 the company closed an oversubscribed $20.5 million Series A co-led by TDK Ventures and BIG Capital, with Accel, Prosus, YourNest, BlueHill Capital, Campus Fund and Riceberg Ventures joining, taking total funding to $25.5 million at an $80.5 million valuation — an increase Entrepreneur India described as 5.5-fold and Entrackr as sixfold. Commercial traction is still on paper. TechCrunch reported in December 2025 that the company held contracts worth $130 million from six customers, then in January 2026 described roughly $130 million of launch memoranda of understanding with Space BD of Japan and TASA of Taiwan. Headcount was 67 in January 2026, with the company saying it would reach 90 within two months.
What they build and operate
- Razor Crest Mk-1 · Launch vehicle · In development
Medium-lift rocket designed for full reusability, clustering nine Stallion engines on the booster and 15 Pegasus engines on the upper stage; 24.8 tonnes to low Earth orbit expendable, 22.8 tonnes partially reusable and 8 tonnes fully reusable.[3][1] - Stallion booster engine · Engine · In development
1.2-meganewton reusable semi-cryogenic booster engine on a gas-generator cycle, with 306 seconds of sea-level specific impulse; hot-fire tests were scheduled for June and July 2026.[3][5] - Pegasus upper-stage engine · Engine · In development
80-kilonewton upper-stage engine with an additively manufactured turbopump and 323 seconds of vacuum specific impulse, qualified at the BASE-001 site in Cuddalore.[3][5] - Technology Demonstrator Vehicle · Launch vehicle · In development
Sub-scale demonstrator that the company said in August 2024 would launch in 2026; as of January 2026 the demonstration flight was planned for November or December 2027.[1][3]
Funding
- August 2024 · Seed
$5 million — YourNest, BIG Capital, BlueHill Capital, Campus Fund, SGgrow, Golden Sparrow Ventures[1] - January 2026 · Series A
$20.5 million (₹185 crore) at an $80.5 million valuation — TDK Ventures, BIG Capital, Accel, Prosus, YourNest, BlueHill Capital, Campus Fund, Riceberg Ventures[3][4]
Milestones
- 2022
Founded in Bengaluru as Ethereal Exploration Guild.[5][1] - 05 August 2024
Announced a $5 million seed round led by YourNest at a $14.6 million valuation, and said its technology demonstrator vehicle would launch in 2026.[1][3] - 18 December 2025
TechCrunch reported the company was raising about $20.5 million from TDK Ventures, BIG Capital and Accel, that it held contracts worth $130 million from six customers, and that a first launch was targeted for early 2027.[2] - 15 January 2026
Closed an oversubscribed $20.5 million Series A at an $80.5 million valuation, and set the technology demonstration flight for November or December 2027 against the 2026 target given at the seed round.[3][1] - 29 January 2026
Announced the Series A publicly under the brand The Guild, putting total funding at $25.5 million.[5] - 11 February 2026
Entrackr reported the company was pre-revenue in FY25, with ₹1.1 crore of non-operating income and a ₹4.2 crore loss.[6]
Facilities
- BASE-001 · Cuddalore, Tamil Nadu
Rocket engine test site used for Pegasus upper-stage qualification, with turbopump testing above 35,000 rpm, which the company calls India's largest privately owned rocket testing facility.[5][7][3] - BASE-002 · Space City, Andhra Pradesh
Planned 150-acre campus for integrated stage and engine firing and Stallion qualification, which TechCrunch reported was expected to be operational from mid-2026.[5][3]
Leadership
- Manu J. Nair
Co-founder and chief executive officer (as of 15 January 2026)[3][2] - Shubhayu Sardar
Co-founder and chief operating officer (as of 18 December 2025)[2][1] - Prashant Sharma
Co-founder and chief technology officer (as of 18 December 2025)[2][1]
Sources
TechCrunchIndia's EtherealX puts $5M seed toward fully reusable launch vehiclestechcrunch.com
TechCrunchTDK Ventures, Accel set to back India's EtherealX in reusable launch vehicle push: Sourcestechcrunch.com
TechCrunchIndian SpaceX rival EtherealX hits 5x valuation as it readies engine teststechcrunch.com
Inc42EtherealX Bags $20.5 Mn To Advance Reusable Rocket Developmentinc42.com
Entrepreneur IndiaSpacetech Startup The Guild Raises USD 20.5 Mn in Series A Roundindia.entrepreneur.com
EntrackrSpacetech startup EtherealX's valuation jumps 6X in Series Aentrackr.com
Ethereal Exploration GuildOfficial siteetherealx.space
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