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Cusmat bags pre Series A round led by Unitus Ventures

Cusmat, an immersive skilling and training platform for industries has raised $600K or Rs 4.7 crore from Unitus Ventures and others. This is the second funding round for the Hyderabad-based company in the past year.

The board at Cusmat has passed a special resolution to issue 17,337 compulsory convertible preference shares (CCPS) at an issue price of Rs 2,711 per share to raise Rs 4.7 crore, regulatory filing with the Registrar of Company (RoC) shows.

Unitus Ventures led the round with Rs 3.75 crore followed by Dholakia Ventures and Fashion Fit LLP who put in Rs 50 lakh and Rs 25 lakh respectively. Malacca Ventures and Sujith Raphael also joined the round with Rs 10 lakh each.

As per Fintrackr’s estimates, the company has been valued at around Rs 95 crore or $12 million (post allotment).

Following the fresh investments, Unitus Ventures holds 3.80% of the company while its co-founders- Abhinav Ayan and Anirban Chakravorty collectively command 57.33% stake. Cusmat’s ESOPs pool also stood at 9.10% of share capital.

The Hyderabad-based Cusmat develops training simulators to train operators in different fields like mining, logistics, warehousing, healthcare and pharma by using its AR/VR, cloud-based learning management system. Previously, the company had raised $650K including a $100K in Sep 2021.

Cusmat is yet to file its financial statements for FY22 but it remained a pre-revenue stage company in the fiscal year ending March 2021. According to its annual financial statement, it posted an operating revenue of Rs 5.8 lakh against loss of Rs 99 lakhs in FY21.

About CUSMAT

CUSMAT is a Skilling Metaverse providing standardized training solutions to maximize productivity by 30-40%, safety by 50-60% accident reduction, and minimize running costs for industries (Mining & Infrastructure, Logistics, and Warehousing, Manufacturing, OEM, Healthcare). Among the total workforce (around 501 million) in India, only 9% have non-formal and only 2% have formal vocational training. So our aim is to build a smart and skilled workforce training platform. They have been trusted by companies like Schneider Electric, DHL, MOIL, Thriveni Earthmovers, Vedanta, Voltas, Hindustan Zinc, DTDC, NCL, IMFA, UCIL, and a few others, for our wide range of customized products including Operator based & Skill-based simulators and also funded by top VCs- Venture Catalyst, Better Inc., MapmyIndia. They are excited about our hyper-growth journey and would love to be an active part in transforming organizations by up-skilling the workforce in the best way possible!

When was CUSMAT founded?

CUSMAT was founded in 2016.

Who is the founder of CUSMAT?

CUSMAT is an immersive skilling and training (skilling, up-skilling, re-skilling) platform for industries moving metrics across productivity, safety, and customer satisfaction. Founded by Abhinav Ayan and Anirban Jyoti Chakravorty.

Is CUSMAT hiring?

CUSMAT is hiring for multiple positions like Human Resources Intern, XR Unity Developer.

What is the team size of CUSMAT?

As per the popular social media site LinkedIn, CUSMAT has 37 employees.

Where is the head office of CUSMAT?

CUSMAT headquarters is located at 91springboard ITPL Main Road, Mahadevapura, 5th floor, Trifecta Adatto, 21, ITPL Main Rd, Garudachar Palya, Mahadevapura, Bengaluru, Karnataka 560048.

How much is the revenue of CUSMAT?

Cusmat is yet to file its financial statements for FY22 but it remained a pre-revenue stage company in the fiscal year ending March 2021. According to its annual financial statement, it posted an operating revenue of Rs 5.8 lakh against loss of Rs 99 lakhs in FY21.

CUSMAT seems to be a fascinating startup with a motivating turn of events on software development platform. My best wishes to the entire team. This will give them a huge accomplishment in the future.

Shishir Gupta, Founder and CEO, StartupLanes

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