QpiAI Raises Rs 50 Cr in Debt From InnoVen Capital

Bengaluru-based quantum computing and artificial intelligence startup QpiAI has raised Rs 50 Cr in debt funding from InnoVen Capital. The funding is structured through 5,000 non-convertible debentures at a face value of Rs 1 lakh each, according to filings cited by Entrackr.

The debentures carry a 13.85% annual coupon rate and are set to mature by December 1, 2028. QpiAI has not disclosed how it plans to use the debt proceeds, making the deployment of this capital a key detail to watch in future updates.

QpiAI previously raised $32 million, around Rs 279 Cr, in a Series A round in July 2025 led by Avataar Ventures and the National Quantum Mission. Entrackr estimated the company’s valuation at around Rs 2,050 Cr, or $215 million, during that round.

Founded in 2019 by Nagendra Nagaraja, QpiAI develops quantum computing and AI solutions for enterprises. Its proprietary quantum hardware and software target applications in drug discovery, manufacturing, finance, pharma, and materials science. The company has developed a 25-qubit quantum computer and is working toward a 64-qubit system, with a roadmap to scale to 1,000 qubits by 2030.

QpiAI has yet to file its FY26 financials. For the fiscal year ended March 2025, it remained at a pre-revenue stage with operating revenue of around Rs 2 Cr, while losses increased to Rs 16.67 Cr.