Japan-based Mynavi acquires majority stake in HR tech startup Awign

Japan-based HR solutions provider Mynavi Corporation has acquired a majority stake in human resource tech platform Awign, a statement said on Friday. Under the new structure, Bengaluru-based Awign aims to generate USD 1 billion revenue by 2030. With this acquisition, few of Awign's early investors including Capria, Lumis, MSDF, Amicus Capital and Pankaj Bansal will exit the company, the statement by Awign said.

"Mynavi will hold a significant majority in the company and co-founders of the company will also continue to hold a sizable stake. As part of this acquisition, the board constituency will change because Mynavi will acquire a sizable majority but the operating layer will remain the same. Mynavi is not going to appoint any operator in our company," Awign Co-founder and CEO, Annanya Sarthak said.

He declined to disclose any financial details of the acquisition but said that the company had a revenue of USD 15-20 million in financial year 2023.Sarthak, however, claimed that the transaction represents the first-ever cross-border deal of this magnitude within the HR tech sector in the past two decades.

Co-founder and CBO Gurpreet S Khurana said: "We will have more autonomy going forward because earlier there were multiple investors, multiple directions. Today, with the vision that is aligned with Mynavi, we will continue to build this company. By 2030, we want to achieve revenue of USD 1 billion. 

The majority of it will come from the robust system that Mynavi has built." He said that the company has grown 10 times in the last 3-4 years and accordingly it is expected that Awign will reach USD 1 billion mark by 2030.