With this investment, Ethereal's valuation shot up from ₹383 crore to about $158 million now.
Avataar Venture Partners will own nearly 14% of the company, while the co-founders keep just over 24%.
For context, Ethereal made ₹11.45 crore in operating revenue last year but posted a loss of ₹27.27 crore, so this cash could be a real game-changer for their growth plans.