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Investment Thesis

The current state of the space industry reflects a paradox: despite the presence of over 10,000 spacetech companies and more than 150 launch providers worldwide, space still remains a luxury. Established players like SpaceX are fully booked for years to come. The average cost of a launch stands at $12,500 per kilogram, rendering space exploration financially prohibitive for many.


Compounding this issue is the fact that 90% of launch companies focus on small satellite launches, exacerbating overcrowding and regulatory challenges expected in the Lower Earth Orbit (LEO) due to the projected launch of 2,500 satellites annually by 2031. Consequently, the industry is witnessing a notable shift from small to medium/large-sized vehicles, aiming to optimize reusability and payload delivery capabilities.


However, amidst these challenges lies an opportunity: visionary teams capable of significantly reducing space transportation costs, stand to gain a foothold in the rapidly expanding global space services market, projected to reach a valuation of $37 billion by 2027 with a substantial growth trajectory.


EtherealX is pioneering the development of Medium-lift Reusable Launch Vehicles (MRLVs), with their flagship project - The Razor Crest Mk-1. This groundbreaking endeavor aims to introduce the world's first fully reusable medium-lift launch vehicle.


Capable of transporting payloads of up to 24.8 tonnes to the Lower Earth Orbit (LEO) in expendable configuration, 22.8 tonnes in partially reusable configuration, and 8 tonnes in fully reusable configuration, the Razor Crest Mk-1 promises to redefine the launch vehicle technology standards. Featuring nine cutting-edge Stallion - Reusable liquid rocket engines, it represents a milestone across continents, rivaling the renowned Falcon 9 class. The advent of the Razor Crest Mk-1 signifies a remarkable opportunity to dramatically reduce launch costs to a fraction of the global average, by an astonishing 45%, marking a significant milestone in the evolution of space transportation.


Manu, Shubayu and Prashant make a formidable team.

Manu J Nair (CEO) studied Mechanical Engineering at BML Munjal University. He kicked off his career doing research at ISRO alongside his Co-Founder, focusing on creating human life support systems for space and has previously carried out projects relating to re-entry of space vehicles. He is also a Scientist-Astronaut Program Graduate of the International Institute for Astronautical Sciences and was formerly a part of the executive team at Manastu Space where he headed strategic initiatives and business development.


Prashanth Sharma (CTO) graduated from University of Petroleum and Energy Studies and has proven experience in designing and developing Aerospikes, Green propulsion systems, and Reusable launch vehicles. As a part of the Liquid Propelled Rocket Development Team (LPRD), at the University of Minnesota, he has built hardware that has successfully crossed the Karman line. He has also built in-space green propulsion systems, designed engines for several private firms ranging from 1N to 25kN, and has acquired more than 2000 seconds of engine test firing experience.



Shubhayu Sardar (COO) is an Aerospace Engineer with a decadal experience at ISRO. He started his career at the spaceport of India, assembling, integrating, testing and qualifying the Indian fleet of Launch Vehicles and spacecraft for 6.5 years. Later, he was chosen amongst the 23 scientists from across ISRO Centres to kick-start India's maiden Human Spaceflight Mission – Project Gaganyaan, where he worked first as a Systems Engineer and later as a Techno-Manager.


EtherealX's visionary founders, with their unparalleled expertise and groundbreaking achievements in the space industry, are spearheading a historic leap into the future of space transportation. With the development of the revolutionary Razor Crest Mk-1, EtherealX embarks on a journey that promises to reshape the very fabric of space exploration. This endeavor represents not just optimism but an unprecedented leap into a future where space will truly be within the reach for all humankind and not just a luxury.


Manu Nair


Shubhayu Sardar


Prashant Sharma



Anirudh Toshniwal

MBA - IIT Bombay

Garvit Zalani

I Squared Private Equity
Ashoka Scholars Program

Sonakshi Agarwal

Mckinsey & Co.
MBA - IIM Lucknow

Farman Chauhan

B-Tech - IIT Delhi

Pranoy MS

PhD - Indian Institute of Science (IISc)


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