Exclusive: Awign bags $24.5 Mn in series C, Mynavi now holds 73% stake

Awign has raised Rs 203.5 crore or $24.5 million from Japan-based Mynavi Corporation, which will now control a 73% stake in the Bengaluru-based HR tech startup, according to the company’s filings with RoC.

In May, the board at Awign passed a special resolution to issue 11,485 Series C CCPS at an issue price of Rs 1,77,206 each to raise Rs 203.5 crore or $24.5 million, its regulatory filings show.

This coincided with Awign’s public announcement that MyNavi will control the majority stake in the former. However, the startup had not divulged more details of the transaction at the time.

Sifting through Awign’s filings, Entrackr has learned that the company also passed a separate resolution to buy back 2,641 Series A CCPS representing 7% of the capital at a cumulative amount of Rs 43.1 crore.

Mynavi Corporation purchased 24,018 shares from existing investors worth around Rs 393 crore to Rs 490 crore. The investors who got partial or full exit include Unitus Ventures, Pinnacle Investment, Dell Foundation, and the company co-founders.

As per Fintrackr’s estimates, Awign has been valued at around Rs 828 crore or $100 million (post-allotment).

Entrackr has reached out to Awign to learn more about the transaction. We’ll update the story in case we hear from them.

Awign will use these proceeds for general operations, meeting working capital needs, and business expansion, filing revealed.

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.

Awign continued to post solid performance in terms of financial growth in FY23. Its scale spiked over 2X to Rs 134.35 crore in the fiscal year ending March 2023. Akin to its revenue growth, the firm’s losses also grew around 2X to Rs 39.6 crore in the same period. The company is yet to file annual results for FY24.

As per the startup intelligence platform TheKredible, funding in the HR tech space shrank over 70% to $90 million in 2023 from $315 million in 2021. In 2022, the space received a funding infusion of $341 million.