Bengaluru-based quantum computing and artificial intelligence startup QpiAI has raised Rs 50 Cr 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, as per its filing with the Registrar of Companies (RoC).
According to the filing, 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 will use the debt proceeds.
The Bengaluru-based company 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 (NQM). As per Entrackr's estimate, the company is valued at around Rs 2,050 Cr or $215 million during the round.
Founded in 2019 by Nagendra Nagaraja, Bengaluru-based 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.
It 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.
QpiAI has yet to file its FY26 financials. During the fiscal year ended March 2025, it remained at a pre-revenue stage, with operating revenue of around Rs 2 Cr, while its losses increased to Rs 16.67 Cr in the same period.