A company from Japan called Mynavi Corporation has bought a big part of a tech platform called Awign, which helps with human resources. They want Awign to make $1 billion by 2030. Some of the initial investors of Awign, like Capria, Lumis, MSDF, Amicus Capital, and Pankaj Bansal, will sell their shares now. This is the biggest HR deal in India in 20 years.
Mynavi paid for Awign entirely in cash. Even though Mynavi owns most of it, Awign’s original team will still be in charge. This happens at a time when more people are working gigs in India.
Awign’s Founder Talks About Acquisition by Mynavi
Annanya Sarthak, the founder and CEO of Awign, shared that the company will have more freedom with Mynavi as the new owner. Having many investors made it hard to steer the company in one direction. In the past, they focused too much on short-term fundraising strategies.
He mentioned that with Mynavi’s support, they’ll have more control over the company’s direction, unlike before when they had many investors pulling in different directions. Their goal Is to hit $1 billion in revenue by 2030, mainly leveraging Mynavi’s strong system. Khurana pointed out that Awign has grown tenfold in the past 3-4 years, indicating their potential to reach this milestone.
Mynavi will have a big stake in the company, but the co-founders will still have a significant share. While the board makeup changes, the day-to-day operations will remain the same. Mynavi won’t appoint new managers. Sarthak didn’t reveal the acquisition’s financial details but mentioned that Awign made $15-20 million in revenue in 2023. He claimed this deal is the biggest cross-border move in HR tech in the last 20 years.
Awign Simplifying Work Processes for Various Industries
Awign was started by Annanya Sarthak, Gurpreet S Khurana, and Praveen Kumar Sah. Its aim is to make work easier for different industries, such as retail, FMCG, automotive, education, manufacturing, construction, and pharmaceuticals. It helps these companies produce good work while keeping costs low.
Big companies like Byju’s, Unacademy, and Dunzo use Awign’s services to manage their gig workers. In 2022, Awign received $15 million in funding from investors such as Bertelsmann India Investments, Amicus Capital Partners, and Mynavi Corporation.
Awign’s Growth and Acquisition Details
According to Tracxn, since its launch in 2016, Awign has raised about $29 million from investors through eight funding rounds. The acquisition means early supporters of Awign, such as Capria, Lumis, MSDF, Amicus Capital, and Pankaj Bansal, will cash out.
Mynavi Corporation, Japan’s big HR company, has offices in Japan, the US, South Korea, Taiwan, Vietnam, the Philippines, Indonesia, Poland, and India.
Awign’s Access to Global Clients with Mynavi
Gurpreet S Khurana, Awign’s co-founder, highlighted that with Mynavi’s support, they can tap into a larger pool of global clients that Mynavi serves. They plan to focus mainly on India and address issues like underemployment in the country over the next five years.
While Mynavi wants to compete with Indian staffing companies and expand in Asia, they recognize the need to adapt their approach to the Indian market. Hidekazu Ito, Managing Director of Mynavi Solutions India, explained that partnering with Awign aligns with their vision and helps them understand challenges faced by the Indian workforce, like unemployment and skill gaps.
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