QpiAI raises 50cr via 5,000 NCDs maturing December 1 2028
Business
Quantum computing startup QpiAI just secured ₹50 crore in debt funding from InnoVen Capital.
The board gave the green light for 5,000 non-convertible debentures (NCDs), each worth ₹1 lakh, with a 13.85% annual interest rate.
These are set to mature by December 1, 2028.
QpiAI valued 2,050cr after $32 million round
Founded in 2019 by Nagendra Nagaraja, QpiAI builds quantum and AI tech for industries like finance and materials science.
Last year, they raised $32 million in Series A funding led by Avataar Ventures and the National Quantum Mission, pushing their valuation to about ₹2,050 crore ($215 million).
Despite reporting just ₹2 crore in revenue and bigger losses last year, they're aiming high: QpiAI has already built a 25-qubit computer and wants to scale up to 1,000 qubits by 2030.