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.