Awign, a work-as-a-service platform, announced a strategic majority stake acquisition in an all-cash deal from Mynavi Corporation, a HR company in Japan with offices across the world. This partnership will also signify the departure of a few of Awign's early backers, including Capria, Lumis, MSDF, Amicus Capital, and Pankaj Bansal.
Mynavi, a leader in the HR industry, brings market exposure and access to a diverse demographic, reinforcing Awign’s already strong position in India’s work fulfillment space, according to a company statement. Moreover, this 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.
Annanya Sarthak, Co-Founder and CEO of Awign, said, "This is a significant development for the company as it embarks on its journey to become one of the largest HR-tech companies in India and outside. The work-as-A-Service, as a concept has evolved since COVID-19, and through our deep understanding of space and digital transformation, we are today the market leader and value creator in this space. This partnership will help AWIGN scale its operations and go beyond its core strengths.”
Hidekazu Ito, Managing Director, Mynavi Solutions India, a subsidiary of Mynavi Corporation, said, “The synergy between our visions empowers us to tackle the challenges in the HR sector more effectively.
This partnership will help Awign build three key areas: building a powerful team of best-suited talent, enhancing brand visibility both in India and internationally, and investing in technology to expand its digital infrastructure and build better platforms. This will further fuel Awign’s ambitions for onboarding and serving more global enterprise customers.
