Bengaluru-based quantum computing and artificial intelligence startup QpiAI has raised Rs 50 crore in debt funding from venture debt firm InnoVen Capital, adding a fresh debt round to its funding history.
The company’s board has approved the issuance of 5,000 non-convertible debentures (NCDs), each carrying a face value of Rs 1 lakh. The issuance will raise a total of Rs 50 crore from InnoVen Capital.
The debentures carry an annual coupon rate of 13.85% and are scheduled to mature on December 1, 2028. QpiAI has not disclosed the planned use of the debt proceeds.
QpiAI Adds Debt To Its Funding Mix
The latest fundraise comes more than a year after QpiAI secured $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).
The company was valued at around Rs 2,050 crore, or $215 million, during that funding round, based on Entrackr’s estimate.
The new debt financing gives QpiAI another source of capital as it continues to develop its quantum computing and artificial intelligence technology.
Building Quantum Computing And AI Systems
Founded in 2019 by Nagendra Nagaraja, QpiAI is developing quantum computing and AI solutions aimed at enterprise applications.
Its work spans areas including drug discovery, manufacturing, finance, pharma and materials science. The startup is also developing proprietary quantum hardware and software as part of its technology offering.
QpiAI has developed a 25-qubit quantum computer and is working towards a 64-qubit system. Its longer-term roadmap targets 1,000 qubits by 2030.
Revenue Remained Around Rs 2 Cr In FY25
QpiAI has not yet filed its financial results for the financial year ended March 2026.
For FY25, the company remained at a pre-revenue stage while reporting operating revenue of around Rs 2 crore. Its losses increased to Rs 16.67 crore during the same period.
The Rs 50 crore debt financing from InnoVen Capital now adds to the capital raised by QpiAI as it continues working on its quantum computing hardware, software and enterprise-focused AI solutions.
