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

EntrackrEntrackr · 1y ago
Awign bags $24.5 Mn in series C, Mynavi now holds 73% stake
Medial

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.

Mynavi acquires majority stake in HRtech startup Awign

EntrackrEntrackr · 1y ago
Mynavi acquires majority stake in HRtech startup Awign
Medial

Awign, a work-as-a-service platform, has announced a strategic majority stake acquisition in an all cash deal from Mynavi Corporation. This partnership will also signify the departure of few of Awign’s early backers, including Capria, Lumis, MSDF, Amicus Capital and Pankaj Bansal. Earlier in 2022, the Bengaluru-based company had announced its first employee stock option (ESOP) buyback programme worth Rs 4 crore on the heels of its $15 million Series B round co-led by Bertelsmann India Investments and Amicus Capital Partners. This partnership and the capital will further enable Awign to focus on long term strategic growth and deeper value creation without getting affected by the fundraising market environment, the firm said in a press release. Founded by Annanya Sarthak, Gurpreet Singh, and Praveen Kumar Sah in 2016, Awign helps enterprises run their businesses at scale by solving end-to-end outcome-based execution along with discovery, deployment, and payroll management. This partnership will further fuel Awign’s ambitions in onboarding and serving more global enterprise customers. As per the startup intelligence platform TheKredible, the funding in the HR tech space has shrunk over 70% to $90 million in 2023 from $315 million in 2021. In 2022, the space received a funding infusion of $341 million. Visit here for more details.

People Matters elevates Pushkaraj Bidwai as new CEO

EntrackrEntrackr · 10m ago
People Matters elevates Pushkaraj Bidwai as new CEO
Medial

People Matters has promoted Pushkaraj Bidwai to chief executive officer (CEO) and board member. Bidwai, who was previously the chief business officer, is succeeding Ester Martinez, the founder and former CEO, who is stepping down after 15 years to explore personal interests. Since joining the company in 2017, Bidwai has played a key role in expanding its presence into six new countries. As a founding member, he has helped shape the company’s vision and has been preparing for this leadership role as part of a strategic succession plan. Last year, Japan-based Mynavi Corporation had acquired a majority stake in People Matters to expand Mynavi’s business in India and Asia. The company already has offices in the USA, South Korea, Taiwan, Vietnam, Philippines, Indonesia, Poland, and India. Now, Mynavi has completely acquired People Matters. Under Bidwai’s leadership, People Matters aims to become a global brand that leverages technology, data, and AI to enhance the people and work industry. Additionally, long-term team members will have the opportunity to exercise their ESOP rights and benefit from a cash-out. People Matters, based in Gurugram, provides content and research on organizational design, HR, and worktech to its community of 500,000 HR and talent leaders across India and APAC. The company primarily serves professionals aged 25 to 36 with at least three years of experience in HR.

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