Bengaluru-based HR tech startup Awign has raised Rs 203.5 crore, approximately $24.5 million, in its Series C funding round led by Japan-based Mynavi Corporation. With this investment, Mynavi Corporation will hold a 73% stake in Awign.
The newly acquired funds are earmarked for business expansion, working capital needs, and general operational purposes. The decision to raise the funds was approved in May, when Awign’s board passed a special resolution to issue 11,485 Series C CCPS at an issue price of Rs 1,77,206 each, resulting in the Rs 203.5 crore investment. This move coincided with the announcement that Mynavi would take a majority stake in Awign, though the specifics of the transaction were not fully disclosed at that time.
Awign provides enterprises with a platform for managing their operations through outcome-based execution, compensation, deployment, and discovery. The company’s work-as-a-service model helps businesses scale their core functions efficiently.
Founded in 2016 by Annanya Sarthak, Gurpreet Singh, and Praveen Kumar Sah, Awign has grown significantly, achieving a revenue of Rs 134.35 crore in the fiscal year ending March 2023. The startup’s impressive financial performance and innovative service offerings have solidified its position as India’s largest work-as-a-service platform.
