Japan's Mynavi Corporation Picks Up Majority Stake In Awign

Japan-based HRtech platform Mynavi Corporation has bought a majority stake in gig workers startup Awign in an all-cash deal.

However, the company did not disclose the financial terms of the deal.

Awign said in a statement that this partnership will also mark exit of its few early backers, including Capria, Lumis, MSDF, Amicus Capital and Pankaj Bansal.

The partnership and the patient capital will further enable Awign to focus on long-term strategic growth and deeper value creation without getting affected by the fundraising market environment, it added.

“This partnership will help Awign to scale its operations and go beyond its core strengths. Our primary focus remains on strengthening our growth engine by onboarding enterprise customers worldwide and launching new categories in the HR space,” said Annanya Sarthak, cofounder and CEO of Awign.

“The synergy between our visions, empowers us to tackle the challenges in the HR sector more effectively,” said Mynavi India’s MD Hidekazu Ito.

Through this partnership, Awign aims to build three key areas, including building a power team of best-suited talent, enhancing brand visibility and investing in technology to expand its digital infrastructure and build better platforms.

Launched in 2016 by Sarthak, Gurpreet S. Khurana, and Praveen Kumar Sah, Awign claims to have a network of more than 1.5 Mn gig workers with over 175 leading enterprises. It collaborates with enterprises in sectors including retail, FMCG, automotive, education, manufacturing, construction, pharmaceuticals and more.

Talking to Inc42, Sarthak said that in terms of the global growth goals, Awign aims to onboard more global companies to the clientele. In the coming years, the startup aims to be one of the key HRtech players of Asia.

Sarthak further confirmed that the startup raised the last funding in 2022 when it bagged $15 Mn in a Series B funding round. According to the CEO, as the cash burn is low, the startup is not planning to conduct any further round soon.

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