Quantum computing and artificial intelligence startup QpiAI has raised Rs 50 crore (about $5.2m) from InnoVen Capital through non-convertible debentures (NCDs), according to Registrar of Companies filings reported by Entrackr. Its board approved the issue of 5,000 NCDs with a face value of Rs 1 lakh each, carrying a 13.85% annual coupon and maturing on 1 December 2028.
The use of proceeds was not disclosed. QpiAI had raised $32m, around Rs 279 crore, in a Series A round in July 2025 led by Avataar Ventures and the National Quantum Mission.
Founded in 2019 by Nagendra Nagaraja, QpiAI builds quantum computing and AI solutions for enterprises, including drug discovery, manufacturing and finance. Headquartered in Bengaluru, it has developed a 25-qubit quantum computer and is working towards a 64-qubit system.
In the year to March 2025, QpiAI posted operating revenue of about Rs 2 crore and losses of Rs 16.67 crore, according to Entrackr, which cited financial filings.
InnoVen Capital is a Temasek-backed venture debt platform in Asia, with its India business operating as an NBFC. The India business says it has invested more than US$1bn across more than 235 portfolio companies; the wider InnoVen group cites more than US$1.9bn invested.