Can India produce a global energy leader: early lessons from Anubal Fusion’s experience

In our previous essay on this topic, we looked at the nuclear opportunity landscape for startups in India. Here, we offer a perspective through the lens of one of our own portfolio startups, Anubal Fusion.

Building on India's emerging nuclear fusion landscape, Anubal Fusion represents a fascinating case study of how Indian entrepreneurs are tapping cutting-edge science to address the global energy crisis. Founded in May 2024 by serial entrepreneur Dr. Pravin Kini, Anubal, based in Hyderabad, has quickly established itself as India's first nuclear fusion company.

It is also among only some 53 VC funded startups worldwide, working toward commercial fusion energy. Anubal’s early achievements in its journey so far offer critical insights into the opportunities, challenges, and strategic pathways available to Indian entrepreneurs venturing into this capital-intensive, high-impact sector.

On the technical front too, straight off the bat, while many fusion startups have pursued tokamak-based magnetic confinement, Anubal has chosen a fundamentally different approach: inertial confinement fusion (ICF) using proton-boron reactions. This represents both a significant technical challenge and a potentially transformative opportunity.

Inertial confinement efforts around the world got a shot in the arm with the landmark breakthrough at the Lawrence Livermore National Laboratory in the US in 2022-23 – the first instance of achieving a ‘net gain’, a necessary condition for fusion to be a viable source.

Aneutronic fusion

Another departure from current mainstream efforts is that unlike the deuterium-tritium fusion (both are forms of hydrogen) option used by most first-generation tokamak-based ventures, Anubal has gone the proton-boron way. Proton-boron fusion efforts are well known within the fusion research community but are not nearly as mainstream or prominent as deuterium-tritium initiatives for commercial fusion.

It's sometimes called ‘aneutronic fusion’ because it produces energy-rich alpha particles (helium nuclei) without emitting neutrons or creating radioactive waste in normal reactor operation – important safety and material considerations.

Anubal’s technical innovation also lies in their use of a single powerful laser beam rather than the 250+ beam configurations typically employed in ICF systems. This approach requires petawatt-class lasers capable of shooting protons into boron-11 at extremely high energy levels — technology that goes far beyond conventional particle accelerators.

To make a PW laser the workhorse of a fusion reactor it should be able to fire around 1000 shots per second which is a challenge for the current generation of lasers: they rely on solid material for fabricating the lenses, mirrors or gratings that are needed, which break down at intense energy levels. Currently they have a life of only 2000 shots.

Anubal has therefore developed plasma-based optics which offer very high tolerance. This is the first company anywhere in the world which is working with plasma optics – a significant moat.

Direct Energy Extraction is another way in which Anubal stands out. This is the process of converting the energy from the fusion-derived high energy particles directly to electricity instead of the conventional route of heating water or liquid metal to drive turbines to generate electricity. Alfa particles resonate in a magnetic field to produce electricity.

The startup is working with the Tata Institute of Fundamental Research (TIFR) Hyderabad which provides access to India's first petawatt laser, a Rs. 1,000 crore facility that represents one of the most powerful laser systems in the country.

The startup's partnership with the Tata Institute of Fundamental Research (TIFR) Hyderabad provides access to India's first petawatt laser, a Rs. 1,000 crore facility that represents one of the most powerful laser systems in the country.

This strategic partnership demonstrates how Indian fusion startups can tap government research infrastructure to access otherwise prohibitively expensive equipment. The TIFR petawatt laser, supplied by French company Amplitude and commissioned in 2024, provides Anubal with experimental capabilities that would require hundreds of millions of dollars to develop independently.

Commercialization roadmap

Anubal's development strategy reflects a pragmatic understanding of fusion's challenges and timelines. The company is currently in its simulation phase, using supercomputers to model plasma behavior and optimize reactor designs. This computational approach allows them to iterate quickly and cost-effectively before moving to expensive experimental validation.

Kini estimates the simulation phase will require 1-2 years, followed by an equally intensive experimental phase using a petawatt laser facility. Each week of experimental work costs approximately Rs. 4-5 crore, highlighting the capital-intensive nature of fusion development. The company expects to reach commercialization over the next 5 years, aligning with industry consensus on fusion timelines while maintaining realistic expectations about technical and financial challenges.

This measured approach demonstrates how Indian startups can navigate fusion's inherent risks. By using computational simulation and government research partnerships, Anubal reduces capital requirements during early development phases while building the technical foundation necessary for eventual scale-up. The strategy also creates opportunities for interim commercialization through simulation software and laser technology applications.

Partnerships and the ecosystem

Anubal's pre-seed funding from us represents more than just capital — it validates the commercial potential of Indian fusion ventures for sophisticated investors. With our focus on deep-tech startups, we recognize fusion's transformative potential and India's unique position to develop these technologies cost-effectively. The investment enables Anubal to strengthen partnerships with academic & research institutions while advancing critical R&D initiatives.

The funding strategy also demonstrates how Indian fusion startups must think creatively about capital requirements. While fusion startups in the US have been able to raise hundreds of millions of dollars even in early rounds, Indian companies must work within different capital constraints.

Anubal's approach taps government research infrastructure and strategic partnerships to maximize technical progress while minimizing capital burn. This model could prove particularly valuable for other Indian entrepreneurs entering capital-intensive deep-tech sectors.

Lessons for Indian fusion startups

Anubal's journey offers several critical insights for entrepreneurs considering nuclear fusion ventures in India:

1. The importance of building on existing expertise cannot be overstated. Kini's background in complex medical technologies and biotechnology provided the foundation for understanding fusion's technical and regulatory challenges. His experience commercializing advanced reproductive technologies translated directly to fusion's precision requirements and quality control needs.
   

2. Strategic use of government research infrastructure can dramatically reduce capital requirements. Anubal's access to the TIFR petawatt laser eliminates the need for hundreds of millions in equipment investment while providing world-class experimental capabilities. One can draw parallels with how space-tech startups, including those in our portfolio are using ISRO’s world-class testing and allied infrastructure. This model demonstrates how Indian startups can take advantage of the country's growing research infrastructure and government backing to compete globally in capital-intensive sectors.
   

3. The timeline and funding strategy must align with fusion's inherent challenges. Anubal's measured approach to development phases, combined with creative capital strategies, provides a template for managing fusion's long development cycles. The focus on interim commercialization opportunities — through simulation software and related technologies — creates revenue streams that support long-term fusion development.
   

4. Building a diverse skill set across multiple deep-tech domains provides significant advantages. Kini's experience across healthcare, biotechnology, and quantum technologies enabled him to recognize fusion opportunities and navigate complex technical challenges. This multidisciplinary approach proves particularly valuable in fusion, where success requires integration across plasma physics, materials science, engineering, and commercial strategy.

India – a new deep tech nation

Anubal's experience reflects broader trends in Indian deep-tech entrepreneurship. The company demonstrates how Indian entrepreneurs can pursue ambitious, globally significant technologies while both tackling domestic constraints and leveraging some advantages. Access to world-class research institutions, competitive development costs, and growing venture capital interest create unique opportunities for Indian fusion ventures.

The startup also illustrates how government research investments can catalyze private sector innovation. The Department of Atomic Energy's investment in the TIFR petawatt laser creates capabilities that multiple startups and research groups can benefit from, maximizing the economic impact of public research spending. This model suggests broader opportunities for public-private collaboration in advanced technologies.

Perhaps most importantly, Anubal represents the kind of moonshot thinking that could position India as a leader in transformative technologies. While the technical challenges are immense and commercial success remains uncertain, the potential impact of successful fusion development extends far beyond energy generation.

Success would establish India as a leader in the most important energy technology of the century, creating entire industries around fusion power plant construction, operation, and maintenance.

Anubal's journey from idea to funded startup in just about a year demonstrates the potential and its experience offers a blueprint for rapid progress in Indian fusion ventures.

The broader implications extend beyond fusion to other capital-intensive, high-impact technologies where Indian entrepreneurs could establish leadership positions. The welcome announcement of eight US and India-based VC and PE firms joining hands to create an India-focused Deep Tech Investment Alliance is the latest example of how the world is now looking at India as a new home to frontier tech startups – in semiconductors, robotics, space technologies, biotech, quantum computing, and of course, nuclear energy.

This can be the beginning of a new chapter in Indian innovation — one where our founders don't just participate in global technology trends but help define them through bold ventures in the most important technologies of our time.

---

Founded in 2017 by visionary leaders Vishesh Rajaram and Arjun Rao, Speciale Invest is a seed-stage venture capital firm dedicated to empowering deep tech founders who tackle complex global challenges. With a commitment to investing at the pre-seed and seed stages, the firm focuses on five transformative themes, such as 

• Energy transition and planetary health – innovations in batteries, hydrogen, and materials

• Advanced manufacturing and industrial modernization – advancements in robotics and semiconductors

• Beyond Earth and space technology – frontiers of satellites and launch systems

• Advanced software and computing – unlocking the potential of AI/ML infrastructure and quantum tech

• Biosciences, life sciences, and health tech – breakthroughs in synthetic biology, bioengineering, biomedical, and life sciences

By merging capital with profound technical and strategic support, Speciale Invest is on a mission to nurture and elevate globally relevant companies that emerge from India.

If you are building something exciting in deeptech/ deepscience, please do write to us at info@specialeinvest.com 

To know more about Speciale’s investments in disruptive technologies, please check our portfolio. 

We are Speciale Invest - #TheDeepTechVC