The startup has bagged $3.5 Mn in a Series A funding round led by Arkam Ventures
Unitus, Better Capital, Venture Catalysts, MapMyIndia, 9Unicorns, We Founder Circle among others also have participated in the funding round
Including the current fundraising, the startup has raised $4.2 Mn funding from investors to date
B2B skilling service startup Cusmat has secured $3.5 Mn in a Series A funding round led by Arkam Ventures.
Unitus, Better Capital, Venture Catalysts, MapMyIndia, 9Unicorns, We Founder Circle, Mumbai Angels Network, Dholakia Ventures, Ice VC and Legacy asset LLP also were part of the funding round.
Cusmat plans to use the fresh capital to strengthen its research and development (R&D) activities and enterprise sales. Besides this, the startup will also utilise funds to expand its geographical presence and add new offerings to its existing product suite.
Including the current fundraising, the startup has raised $4.2 Mn funding from investors to date.
Founded in 2016 by Abhinav Ayan, Soumyaranjan Harichandan and Anirban Jyoti Chakravorty, the Bengaluru-based startup operates a skilling and training platform. It enables companies to onboard, assess, train, upskill and track the learning progress of employees.
Cusmat aims to help companies maximise retention rates and on-job performance training via its augmented reality, cloud-based learning management system.
“Core industries like mining, manufacturing, pharmaceuticals and logistics typically see high attrition rates which cause discontinuity in peak productivity levels. Our goal has consistently remained to positively impact the topline and bottomline by improving the skill level of their operators and technicians,” said, Anirban Chakravorty, cofounder and COO of Cusmat.
The startup counts ABB, Vedanta, Tata Steel Mining, DHL, DTDC, Dr. Reddy’s, Voltas, Schneider Electric, Toshiba Mitsubishi and Ultratech as its clientele. Cusmat is currently operating in APAC and MEA regions.
“Industrial workers in sectors like mining, pharma, logistics, steel operate complex and high-cost machinery that directly impacts top line and efficiency. Cusmat’s VR based industrial skilling software is a game changer that dramatically improves worker productivity and reduces training time from months to days,” said Bala Srinivasa, managing director of Arkam Ventures.
The startup claims to have helped brands increase their workforce’s productivity by more than 30% and efficiency by over 25%.
Its cap table includes We Founder Circle, Venture Catalyst, Better Inc, MapMyIndia, Unitus Ventures, Dholakia Ventures, Fashion Fit LLP, Malacca Ventures and Sujith Raphael, among others.
In India’s corporate training space, it competes with the likes of Corporate Compass, Disprz and Centum Learning, among others.
According to an IndustryArc report, the country’s corporate training industry is anticipated to become a $414 Bn mark by 2026. The market is likely to grow at a CAGR of more than 5.1% during the forecast period (2026).