Bengaluru-based EdTech startup CUSMAT reported a 79% growth in revenue to Rs 3.31 crore in FY24, up from Rs 1.85 crore in FY23. Its operating revenue accounted for over 72% of the total revenue in FY24, down from over 94% in FY23. Its operating revenue streams include income from subscriptions, which made up over 86% of the operating revenue in FY24, and hardware sales, which contributed the remaining 13% in FY24.
The company, which specializes in immersive skilling solutions for industries such as mining, logistics, and manufacturing, continues to expand its impact by helping organizations improve productivity and safety through its Skilling Metaverse platform.
CUSMAT’s expenses surged 94.8% to Rs 14.08 crore in FY24, up from Rs 7.23 crore in FY23, driven by rising employee benefits and material costs. Employee benefit expenses accounted for 44.38% of total costs in FY24, slightly lower than 46.74% in FY23. Meanwhile, cost of materials increased significantly to 15.55% of total expenses in FY24 from 1.38% in FY23, reflecting the company’s growing operational scale. Advertisement expenses declined to 2.34% in FY24, down from 3.04% in FY23.
Despite revenue growth, CUSMAT’s losses widened to Rs 10.77 crore in FY24, compared to Rs 5.38 crore in FY23, reflecting increased investments in growth and operations. The EBITDA margin deteriorated to -322.89% in FY24 from -287.88% in FY23, while the ROCE declined sharply to -105.79% in FY24 from -25.79% in FY23.
Founded in 2016 and headquartered in Bengaluru, CUSMAT has raised a total of Rs 37.23 crore across six funding rounds, with its latest Series A round closing in February 2023. The company’s ownership is primarily held by its co-founders, Abhinav Ayan (27.35%) and Anirban J Chakraborty (26.68%), with institutional investors such as ZNL Growth Fund (2.75%) and Venture Catalysts (2.21%) holding smaller stakes.
As CUSMAT scales its operations, it remains focused on enhancing industrial workforce efficiency through its immersive, tech-driven training solutions, reinforcing its position as a leader in the evolving EdTech skilling space.