QpiAI raises Rs 50 Cr 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 company's board approved the issuance of 5,000 non-convertible debentures at a face value of Rs 1 lakh each, according to a filing with the Registrar of Companies. The NCDs 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.
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What QpiAI builds
Founded in 2019 by Nagendra Nagaraja, QpiAI develops proprietary quantum hardware and software for applications across drug discovery, manufacturing, finance, pharma, and materials science. The company 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.
During the fiscal year ended March 2025, QpiAI 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. The company has yet to file its FY26 financials.
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