QpiAI raises ₹50 crore debt from InnoVen
By Abha Lohia ·
- QpiAI is a Bengaluru deeptech startup building quantum computers and AI software for drug discovery, finance and manufacturing
- It will issue 5,000 debentures worth ₹1 lakh each to InnoVen Capital, bringing in ₹50 crore, with a 13.85% yearly coupon
- The debentures mature in December 2028, and the company has not said how the money will be used
What happened
- QpiAI plans to issue 5,000 debentures at ₹1 lakh each.
- InnoVen Capital is the lender for the full ₹50 crore.
- The debentures pay a 13.85% yearly coupon.
- They fall due on 1 December 2028.
- The company has not shared its plan for the proceeds.
Why it matters
- Debt lets a young company fund growth without giving up more ownership.
- Quantum hardware needs steady spending, so fresh capital helps the roadmap.
- The filing suggests lenders are willing to back deeptech.
The business
- QpiAI builds quantum hardware and software together.
- It has a 25-qubit quantum computer.
- A 64-qubit system is the next target.
- The roadmap aims for 1,000 qubits by 2030.
- Uses span drug discovery, finance, pharma and materials.
The founders
Who put in money
- InnoVen Capital Lender — Venture debt provider
In numbers
about ₹2 CrOperating revenue · FY25
₹16.67 CrLoss · FY25
What happens next
- A 64-qubit system is being developed.
Earlier rounds
- Series A of $32M in July 2025, led by Avataar Ventures and the National Quantum Mission.
Words to know
- Debenture
- A loan certificate a company issues to borrow money and repay with interest.
Terms in this story
- Startup: A startup is a young company built to find a new way of doing something and to grow fast, usually by serving many customers at low extra cost. India's government also has a narrower legal definition that decides who gets scheme benefits.
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