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Japan-based Mynavi Corporation has invested Rs 203.5 crore or $24.5 million in Bengaluru-based HR tech startup Awign. As a result, Mynavi Corporation will now possess a 73% stake in the company.
Awign intends to allocate these funds for business expansion, working capital requirements, and general operations.
In May, the Awign board passed a special resolution to issue 11,485 Series C CCPS at an issue price of Rs 1,77,206 each in order to raise Rs 203.5 crore or $24.5 million.
This occurred concurrently with Awign's public declaration that MyNavi would possess the majority stake in the former. Nevertheless, the startup had not disclosed additional information regarding the transaction at that time.
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Awign assists enterprises in managing their operations by providing outcome-based execution, compensation, deployment, and discovery.
In the fiscal year 2023, Awign maintained its impressive financial growth. In the fiscal year ending March 2023, its scope increased to Rs 134.35 crore.
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About Awign
Founded in 2016 by Annanya Sarthak, Gurpreet Singh, and Praveen Kumar Sah, Awign is India's largest work-as-a-service platform, helping enterprises run their business at scale through end-to-end execution of their core business functions.
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