QpiAI Quantum Computing Startup Raises Rs 50 Cr

Bengaluru-based QpiAI, a leading name in quantum computing and artificial intelligence, has successfully secured Rs 50 crore in debt funding from InnoVen Capital. The QpiAI board has given the green light for the issuance of 5,000 non-convertible debentures (NCDs), each with a face value of Rs 1 lakh, to accumulate the total amount from InnoVen Capital, according to a filing with the Registrar of Companies (RoC).

The filing further indicates that these debentures come with an annual coupon rate of 13.85% and are scheduled to mature by December 1, 2028. As of now, the company has not revealed the intended use of the debt proceeds.

In a previous funding round, QpiAI had raised $32 million (approximately Rs 279 crore) in July 2025 during its Series A funding, led by Avataar Ventures and the National Quantum Mission (NQM). Reports from Startup Superb estimate the company’s valuation to be around Rs 2,050 crore, or $215 million, during this round.

Founded in 2019 by Nagendra Nagaraja, QpiAI is a deeptech startup focused on innovating quantum computing and AI solutions tailored for enterprises. The company is engaged in developing proprietary quantum hardware and software with applications spanning drug discovery, manufacturing, finance, pharmaceuticals, and materials science.

QpiAI has successfully created a 25-qubit quantum computer and is currently working towards a 64-qubit system, with an ambitious roadmap that aims to scale up to 1,000 qubits by 2030. As of now, the startup has not submitted its financials for FY26. For the fiscal year ending March 2025, QpiAI remained in a pre-revenue phase, reporting operating revenue of approximately Rs 2 crore, while losses increased to Rs 16.67 crore within the same period.