Capria Ventures Announces Successful Fundraising for India Opportunity Fund

Preeti Bali / 9:13 am / April 30, 2024

Capria Ventures, a venture capital firm specializing in investments across developing nations, has successfully closed fundraising for its India Opportunity Fund, raising a total of Rs 153 crore. This accomplishment coincides with a successful exit from their portfolio company, Awign.

Awign Acquired by Mynavi Corporation in Landmark Deal

Capria, along with other investors, recently sold their stake in Awign, India’s leading tech-driven platform for on-demand work fulfillment. The buyer, Mynavi Corporation, a prominent Japanese conglomerate, acquired Awign in a full-cash buyout. While the exact value of the deal remains undisclosed, Capria highlighted the significant returns generated for their India Fund II.

“Mynavi’s acquisition of Awign presents exciting new opportunities for the company’s expansion into untapped markets,” stated Surya Mantha, Managing Partner at Capria. “This exit is particularly rewarding, as it allows us to return over half of the invested capital in India Fund II through this single transaction. The deal represents a multiple on invested capital exceeding 7x for Awign.” Mantha further elaborated that the newly closed India Opportunity Fund, which also invested in Awign in February 2023, will return more than 20% of the invested capital to its limited partners.

Awign’s Success Story: Exponential Growth and Social Impact

Founded in 2016, Awign has experienced remarkable growth, scaling its revenue by 20x since Capria led its initial seed round investment in 2018. The company’s innovative, asset-light tech platform empowers over 175 businesses by providing end-to-end management and outcome-based execution of core business functions. Notably, Awign has also positively impacted the lives of 1.5 million gig workers.

India Opportunity Fund: Investing in Early-Stage Innovation

In February 2023, Capria achieved the first closing of its India Opportunity Fund, initially established as the Unitus Ventures India Opportunity Fund before the two firms merged under the Capria brand. Capital raised during this initial closing was strategically deployed across promising ventures from Capria’s existing early-stage funds, Capria India Fund I and Capria India Fund II. These investments include Awign, BetterPlace, Cuemath, Eduvanz, and Masai.

“The successful exit from Awign strengthens our belief in our ability to generate exceptional value for our investors,” commented Dave Richards, co-founder and Managing Partner at Capria.

A Strategic Partnership for Future Growth

Awign considers this acquisition a groundbreaking development, marking the first-ever cross-border deal of such magnitude within the HR tech sector in the past two decades. Mynavi’s established position in the HR industry offers Awign invaluable market exposure and access to a broader demographic. This strategic partnership, combined with the patient capital provided by Mynavi, empowers Awign to focus on long-term strategic growth initiatives.

Annanya Sarthak, co-founder and CEO of Awign, expressed the significance of the deal, stating, “This is a pivotal moment for Awign as we strive to become a leading HR-tech company in India and beyond. The concept of Work-As-A-Service has evolved significantly since the pandemic, and this partnership will enable Awign to expand its operations and capitalize on new opportunities.”

Mynavi Corporation, through its subsidiary Mynavi Solutions India, emphasized the shared values driving the alliance. “Our partnership with Awign is not just a strategic move, but also a reflection of our commitment to creating a positive social impact,” stated Hidekazu Ito, Managing Director of Mynavi Solutions India. “Through our presence in India, we aim to contribute to the nation’s growth and generate shared value.”

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