QpiAI raises Rs 50 crore in debt from InnoVen Capital
The deeptech startup is issuing non-convertible debentures at a 13.85% coupon rate to fuel its quantum computing and AI operations.
Bengaluru-based quantum computing and AI startup QpiAI has raised Rs 50 crore in debt funding from venture debt firm InnoVen Capital.
The board at QpiAI approved the issuance of 5,000 non-convertible debentures (NCDs) at a face value of Rs 1 lakh each to secure the funding, according to regulatory filings with the Registrar of Companies (RoC). The debentures carry an annual coupon rate of 13.85% and are set to mature on December 1, 2028.
QpiAI has not yet disclosed how it plans to deploy the proceeds from the debt round.
Funding history and valuation
This debt financing follows a major Series A equity round in July 2025, where QpiAI raised $32 million (approximately Rs 279 crore). That equity round was co-led by Avataar Ventures and the Indian government's National Quantum Mission (NQM).
At the time of its Series A round, QpiAI was valued at around Rs 2,050 crore ($215 million), according to estimates from Entrackr.
Building deeptech hardware
Founded in 2019 by Nagendra Nagaraja, QpiAI designs proprietary quantum hardware and software. It targets enterprise applications in drug discovery, manufacturing, finance, pharmaceuticals, and materials science.
The startup has already developed a 25-qubit quantum computer and is currently working on a 64-qubit system. QpiAI has outlined a long-term technology roadmap to scale its systems to 1,000 qubits by 2030.
Financial performance
Because of the intensive research and development required for quantum hardware, QpiAI remains in a pre-revenue stage.
During the financial year ended March 2025, the company posted an operating revenue of around Rs 2 crore, while its losses grew to Rs 16.67 crore. The startup has not yet filed its financial statements for the fiscal year ended March 2026.
Key numbers
| What | Figure | Source |
|---|---|---|
| Debt funding raised | Rs 50 crore | QpiAI regulatory filings |
| Annual coupon rate | 13.85% | QpiAI regulatory filings |
| Debentures issued | 5,000 | QpiAI regulatory filings |
| Maturity date | 1 December 2028 | QpiAI regulatory filings |
| Series A funding | $32 million | Company statement |
| Estimated valuation | Rs 2,050 crore | Entrackr estimate |
| FY25 operating revenue | Rs 2 crore | QpiAI regulatory filings |
| FY25 net loss | Rs 16.67 crore | QpiAI regulatory filings |
In this story
| Name | Role in the story |
|---|---|
| QpiAI | The deeptech startup raising the debt funding. |
| InnoVen Capital | The venture debt firm providing the Rs 50 crore. |
