HR firm Mynavi acquires majority stake in Awign
TOKYO, JAPAN — Japanese HR firm Mynavi Corporation has acquired a majority stake in the work-as-a-service platform Awign in an all-cash transaction.
While the financial terms have not been disclosed, Awign’s co-founder and CEO Annanya Sarthak hailed it as the largest in the Indian HR sector over the past two decades.
Sarthak expressed confidence that the partnership with Mynavi, which has a strong presence across Asia, will allow Awign to diversify its clientele globally.
Myvani expects a revenue boost
He noted that the Mynavi will help Awign reach its goal of recording over $1 billion in revenues by 2030.
“With Mynavi coming in, we hope to acquire Japanese companies with a large operating presence in India. Our goal is to establish ourselves as an India-first company, with our workforce remaining in India for at least the next five years,” he added.
Meanwhile, Mynavi plans to step foot in the India market and broaden its footprint in Asia. Mynavi believes that an Indian company can better understand the local issues in unemployment, salary gap, and skill gap.
The acquisition has led to a “handsome exit” for Awign’s early backers, including Capria, Lumis Partners, Michael & Susan Dell Foundation, Amicus Capital, and Pankaj Bansal.
Solving India’s unemployment problem
Meanwhile, Awign co-founder Gurpreet S Khurana believes the deal will help solve unemployment woes in India. Khurana pointed out that Awign will not hire workers from countries like the Philippines, Vietnam, or Indonesia.
“We are solving India’s under employment; we are solving the Indian environment and continue to do so across the next five years. But with Mynavi coming in we would be able to get a lot of global customers whose operations are there in India,” Khurana said.
Launched in 2016, Awign serves firms in industries including retail, FMCG, automotive, education, manufacturing, construction, pharmaceuticals and more.
In 2022, Awign raised $15 million in a Series B round co-led by Bertelsmann India Investments and Amicus Capital Partners, with Mynavi Corporation also making a minority investment.
Mynavi, established in 1973, has offices across Japan, the U.S., South Korea, Taiwan, Vietnam, the Philippines, Indonesia, Poland, and India.
