According to Awign’s filings with the RoC, the Bengaluru-based HR tech startup has raised Rs 203.5 crore, or $24.5 million, from Japan-based Mynavi Corporation, which will now own a 73% stake in the business.
According to Awign’s regulatory filings, the board approved a special resolution in May 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 was in line with Awign’s declaration to the public that MyNavi will hold the lion’s share of the former. At the time, the startup had not, however, disclosed any additional information about the transaction.
After going through Awign’s filings, the media discovered that the company also approved a different resolution to repurchase 2,641 Series A CCPS, or 7% of the total capital, for a total of Rs 43.1 crore.
Mynavi Corporation paid between Rs 393 crore and Rs 490 crore for 24,018 shares from current investors. The co-founders of the business, Unitus Ventures, Dell Foundation, and Pinnacle Investment are among the investors who received a full or partial exit.
Awign’s estimated value, according to media estimates, is approximately Rs 828 crore, or $100 million (post-allotment).
According to the filing, Awign plans to use the money for business expansion, working capital requirements, and general operations.
Established in 2016 by Annanya Sarthak, Gurpreet Singh, and Praveen Kumar Sah, Awign provides outcome-based execution, payroll, and deployment services to assist businesses in managing their operations.
In terms of financial growth, Awign’s performance in FY23 was still strong. In the fiscal year that ended in March 2023, its scale increased by over 2X to Rs 134.35 crore. The company’s losses increased by about 2X to Rs 39.6 crore during the same period, in line with its growth in revenue. The business has not yet submitted its FY24 annual results.
The HR tech space saw a 70% decrease in funding, from $315 million in 2021 to $90 million in 2023, according to media reports. A $341 million funding infusion was given to the space in 2022.
