Mynavi Corporation has made a significant move in the HRtech sector with its majority stake acquisition of Awign, a Bengaluru-based work-as-a-service platform. The acquisition, finalized in an all-cash deal, marks a strategic shift for both companies.
The partnership solidifies Mynavi’s position in the HRtech space and signals the exit of several of Awign’s early backers, including Capria, Lumis, MSDF, Amicus Capital, and Pankaj Bansal.
Awign, founded in 2016 by Annanya Sarthak, Gurpreet Singh, and Praveen Kumar Sah, has been making waves in the industry with its innovative approach to workforce management. Earlier in 2022, the company announced its first employee stock option (ESOP) buyback program worth Rs 4 crore after securing a $15 million Series B round co-led by Bertelsmann India Investments and Amicus Capital Partners.
This latest partnership with Mynavi brings capital and strategic support, allowing Awign to focus on long-term growth and value creation independently of the fundraising market. The firm emphasized in a press release that the capital infusion will enable them to scale their operations and deepen their impact on the market.
Awign’s platform offers end-to-end outcome-based execution and services in discovery, deployment, and payroll management, making it an attractive solution for enterprises looking to streamline their operations. With Mynavi’s backing, Awign aims to expand its reach and serve more global enterprise customers.
The acquisition reflects the growing interest in HRtech and the potential for innovative solutions to transform traditional workforce management. As Awign continues to evolve under Mynavi’s ownership, it is poised to make further strides in the industry.
