Cusmat, a platform for online learning, has secured $3.5 million in a Series A round-headed by Arkam Ventures, with contributions from Unitus, Better Capital, Venture Catalysts, MapMyIndia, 9 Unicorns, We Founder Circle, Mumbai Angels Network, Dholakia Ventures, Ice VC, and Legacy Asset LLP.
According to a press statement from Cusmat, the business intends to use the capital to expand its worldwide operations, acquire fresh industry-specific capabilities, and boost R&D and enterprise sales.
Cusmat is an immersive skilling platform with real-world applications that was co-founded by Abhinav Ayan and Anirban Jyoti Chakarvorty. It has assisted industries in closing the skills gap and improving critical business metrics that have a positive impact on both the top and bottom lines as well as employee morale.
According to the Hyderabad-based startup, numerous significant enterprises in the logistics, manufacturing, mining, and pharmaceutical industries have used its skilling metaverse to upskill their operators and technicians in order to achieve increased productivity, enhanced safety, and shorter cycle times.
ABB, Vedanta, Tata Steel Mining, DHL, DTDC, Mitsubishi, Ultratech, and other businesses are among the clients of Cusmat. Additionally, it states that the business already has operations in many nations in the APAC and MEA areas.
From Rs 5 lakh in FY21 to Rs 83 lakh in FY22, Cusmat’s operational revenue increased dramatically. According to its annual financial report filed with the RoC, its losses increased by 80.8% to Rs 1.79 crore during the most recent fiscal year from Rs 99 lakh in FY21.
