Liquidity Events
Japan’s Mynavi buys shares worth Rs.400-Cr from existing investors in HR-tech co. Awign
Bengaluru-headquartered HR-tech startup Awign has attracted about INR 203.5 crore (USD 24.5 million) in a Series C funding round from Japanese HR-tech platform Mynavi Corporation by issuing 11,485 Series C CCPS (compulsorily convertible preference shareS) at INR 1,77,206 each. With this funding round, Mynavi owns 73% stake in the startup.As part of the deal, Mynavi purchased 24,018 shares from existing investors worth around INR 393 crore to INR 490 crore. Investors who got a partial or full exit include Unitus Ventures, Pinnacle Investment and Dell Foundation. Additionally, the company would buy back 2,641 Series A CCPS representing 7% of the capital at a cumulative amount of INR 43.1 crore.Post allotment, Awign has been valued at around INR 828 crore (around USD 100 million). The primary proceeds will be used for general operations, meeting working capital needs, and business expansion.Founded by Annanya Sarthak, Gurpreet Singh, and Praveen Kumar Sah in 2016, Awign helps enterprises run their businesses via outcome-based execution along with discovery, deployment, and payroll.
In Apr 2024, Mynavi Corporation had acquired a majority stake in Awign in an all-cash deal.Between Nov 2019 and Sep 2022, Awign had raised over USD 24 M from Unitus Ventures, Bertelsmann India Investments, Amicus Capital, Stride Ventures, BlackSoil Capital, Qi Ventures, Michael & Susan Dell Foundation and Lumis Partners.
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