Upskilling platform Cusmat recorded a revenue of Rs 86.7 lakhs in FY22, an approximate 15X growth as compared to the Rs 5.9 lakhs revenue it saw the preceding year. Its revenue from operations too saw an upward spike to Rs 82.8 lakhs in FY22 from FY21’s Rs 5.3 lakhs.
Bengaluru-based edtech Cusmat was founded in 2016 by Abhinav Ayan and Anirban J Chakravorty. It is an immersive skilling platform with real-world applications that help industries close the skills gap and improve crucial business metrics that have a positive influence on both the top and bottom lines as well as employee morale.
The company’s expenses increased 2.5X to Rs 2.7 crore in FY22. Its spent over 65% of its total expenses on employee benefits while a little over 9% was spent on cost of materials. Previously in FY21, the company’s expenses amounted to Rs 1.05 crore spending close to Rs 71 lakhs on employee benefits and over Rs 3 lakhs on travelling costs.
The company’s losses amounted to Rs 1.8 crore in FY22. It previously saw losses of Rs 99.25 lakhs in the previous fiscal year. Its EBITA stood at -205.15% while ROCE was -160.14%.
The upskilling platform has raised a total of Rs 31.40 crore in over 6 rounds. Its latest fundraise was held August 2022 and saw participation from Z Nation Lab, Unitus Ventures, Dholakia Ventures, and Fashion Fit among others.
Post the round founders Abhinav Ayan and Anirban J Chakraborty held over 30% of the company shares while investor ZNL Growth Fund and Venture Catalysts holds about 3% of the company’s shares.
It competes against the likes of Zotalabs, Codevidhya, Codedamn, and Coding Ninjas.