Work-as-a-service platform Awign has announced that Mynavi Corporation has agreed to buy a strategic majority stake in the company for all cash.
A few of Awign’s early backers, including Capria, Lumis, MSDF, Amicus Capital, and Pankaj Bansal, will also be leaving as a result of this partnership.
The Bengaluru-based company had previously announced its first employee stock option (ESOP) buyback programme worth Rs 4 crore in 2022, following its $15 million Series B round that was co-led by Amicus Capital Partners and Bertelsmann India Investments.
According to a press release from the company, this partnership and the funding will further allow Awign to concentrate on long-term strategic growth and deeper value creation without being impacted by the fundraising market environment.
Established in 2016 by Annanya Sarthak, Gurpreet Singh, and Praveen Kumar Sah, Awign provides end-to-end outcome-based execution solutions for enterprises, encompassing payroll management, deployment, and discovery.
This collaboration will help Awign achieve its goals of onboarding and supporting more multinational enterprise clients.
TheKredible, a startup intelligence platform, reports that funding for HR technology has decreased by more than 70%, from $315 million in 2021 to $90 million in 2023. The space saw a $341 million funding boost in 2022.
