Cusmat Bags Pre Series A Round Led By Unitus Ventures

Updated on: 21 September 2022 12:52 am

Sitharaman further said everyone in the government, whether the prime minister, ministers, or think-tank Niti Aayog, is constantly available for engagement, discussions, and exchange of ideas

Nirmala Sitharaman Nudges Fintech Players To Have More Engagement With Govt Photo: Sitharaman further said everyone in the government, whether the prime minister, ministers, or think-tank Niti Aayog, is constantly available for engagement, discussions, and exchange of ideas

Hyderabad-based Cusmat, an immersive skilling and training platform for industries has raised Rs 4.7 crore from Unitus Ventures and others.

This is the second funding round for the company in the past year, according to Entrackr.

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.

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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.

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.

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.