Japan’s Mynavi Acquires Majority Stake in Indian Gig Work Platform Awign

Mynavi Awgin Deal
Preeti Bali / 10:24 am / April 30, 2024

Japan-based human resources technology (HRtech) company Mynavi Corporation has acquired a controlling interest in Awign, an Indian startup specializing in connecting businesses with gig workers. The deal was conducted entirely in cash, however, the specific financial details remain undisclosed by both parties.

This acquisition signifies a strategic exit for several of Awign’s early investors, including Capria, Lumis Partners, Michael & Susan Dell Foundation, Amicus Capital, and Pankaj Bansal.

Partnership Fuels Long-Term Vision

According to a statement released by Awign, the partnership with Mynavi will provide the Indian company with the stability of “patient capital,” allowing them to concentrate on long-term strategic development and value creation independent of the fundraising market’s fluctuations.

“This alliance empowers us to not only scale our operations but also venture beyond our core competencies,” said Annanya Sarthak, co-founder and CEO of Awign. “Our primary objective remains to bolster our growth engine by bringing on enterprise clients internationally and establishing new categories within the HR landscape.”

Mynavi India’s Managing Director, Hidekazu Ito, echoed this sentiment, highlighting the “synergy between our visions” that will equip both companies to address challenges within the HR sector more effectively.

Awign Charts Course for the Future

The partnership will focus on three key areas for Awign: building a highly skilled and qualified workforce, boosting brand recognition, and investing in technological advancements to expand its digital infrastructure and develop superior platforms.

Established in 2016 by Sarthak, Gurpreet S. Khurana, and Praveen Kumar Sah, Awign boasts a network exceeding 1.5 million gig workers and collaborations with over 175 leading enterprises across diverse sectors such as retail, consumer packaged goods, automotive, education, manufacturing, construction, and pharmaceuticals.

Global Expansion on the Horizon

In an interview with Inc42, Sarthak revealed Awign’s aspirations for global expansion. The company aims to attract more international businesses as clients and solidify its position as a prominent HRtech player within Asia in the coming years.

Furthermore, Sarthak confirmed that Awign’s most recent funding round occurred in 2022, where they secured $15 million in Series B funding. With a low cash burn rate, the company does not anticipate raising additional capital in the near future.

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