Mynavi buys majority stake in Awign

Japanese HR firm Mynavi Corp has acquired a majority stake in Awign, a platform for gig workers, in an all-cash deal.

The value of the deal was not disclosed.

With this deal, Awign said, a few of its early backers, including Capria Ventures, Lumis, MSDF, Amicus Capital and Pankaj Bansal would exit the company. The partnership and the capital will enable Awign to focus on long-term growth without getting affected by the fundraising market environment, it said.


"This partnership will help us to scale up operations and go beyond our core strengths. Our primary focus remains on strengthening our growth engine by onboarding enterprise customers worldwide and launching new categories in the HR space," cofounder and chief executive Annanya Sarthak said.

“Our alliance with Awign is not just strategic but also a reflection of our shared commitment to making a significant social impact," said Hidekazu Ito, managing director of Mynavi Solutions India, a subsidiary of Mynavi Corp.

The partnership will help Bengaluru-based Awign in three key areas: scaling up its team, enhancing visibility both in India and internationally and investing in technology to expand its digital infrastructure and build better platforms, it said.

IndigoEdge, Anoma Legal and Aeka advisors advised Awign in the deal, along with its existing investors. Deloitte, Anderson Mori & Tomotsune LPC and Cyril Amarchand Mangaldas advised Mynavi.

Awign has a network of more than 1.5 million gig partners and collaborates with over 175 enterprises.