QpiAI Raises Rs 50 Crore in Debt Funding From InnoVen Capital
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Khushi Jain
- October 5, 2026
Bengaluru-based quantum computing and artificial intelligence startup QpiAI has raised Rs 50 crore in debt funding from InnoVen Capital.
The board at QpiAI has approved the issuance of 5,000 non-convertible debentures (NCDs) at a face value of Rs 1 lakh each to raise Rs 50 crore from InnoVen Capital, according to its filing with the Registrar of Companies (RoC).
The debentures carry a 13.85% annual coupon rate and are set to mature by December 1, 2028. The company has not disclosed how it plans to use the debt proceeds.
QpiAI’s Previous Funding
QpiAI previously raised $32 million, or around Rs 279 crore, in a Series A round in July 2025. The round was led by Avataar Ventures and the National Quantum Mission (NQM).
According to Entrackr’s estimate, the company was valued at around Rs 2,050 crore or $215 million during the round.
Founded in 2019 by Nagendra Nagaraja, QpiAI is a deeptech startup building quantum computing and AI solutions for enterprises.
The company develops proprietary quantum hardware and software for applications across drug discovery, manufacturing, finance, pharma and materials science.
QpiAI has developed a 25-qubit quantum computer and is working towards a 64-qubit system. It has a roadmap to scale to 1,000 qubits by 2030.
QpiAI Financial Performance
QpiAI has yet to file its FY26 financials.
During the fiscal year ended March 2025, the company remained at a pre-revenue stage, with operating revenue of around Rs 2 crore. Its losses increased to Rs 16.67 crore during the same period.
FAQs
1. How much debt funding has QpiAI raised from InnoVen Capital?
QpiAI has raised Rs 50 crore in debt funding from InnoVen Capital.
2. How many non-convertible debentures has QpiAI issued?
QpiAI has approved the issuance of 5,000 non-convertible debentures at a face value of Rs 1 lakh each.
3. What is the coupon rate on QpiAI’s debentures?
The debentures carry a 13.85% annual coupon rate and are set to mature by December 1, 2028.
4. When did QpiAI raise its previous funding round?
QpiAI raised $32 million, or around Rs 279 crore, in a Series A round in July 2025.
5. What quantum computing system has QpiAI developed?
QpiAI has developed a 25-qubit quantum computer and is working towards a 64-qubit system, with a roadmap to scale to 1,000 qubits by 2030.
