Japan-based HR company Mynavi Corporation has acquired a majority stake in Workspace-as-a-Service (WaaS) platform, Awign. According to Awign, it is the largest HR tech sector deal in the last two decades.

The partnership will also signify the departure of few of Awign’s early backers, including Capria, MSDF, Lumis, Amicus Capital and Pankaj Bansal.

A statement by the Bengaluru-based start-up said the partnership and the patient capital will enable Awign to focus on long-term strategic growth and deeper value creation without getting affected by the fundraising market environment.

“This is a significant development for the company as it embarks its journey to become one of the largest HR-tech companies in India and outside. This partnership will help Awign scale its operations and go beyond its core strengths,” said Annanya Sarthak, Co-Founder & CEO of Awign. “Our primary focus remains on strengthening growth engine by onboarding enterprise customers worldwide and launching new categories in the HR space.”

Brand visibility

This partnership will help Awign enhance brand visibility in India and internationally, build a team of best suited talent and invest in technology to expand its digital infrastructure. As per the start-up, this will further fuel Awign’s ambitions in onboarding and serving more global enterprise customers.

Hidekazu Ito, Managing Director, Mynavi Solutions India, a subsidiary of Mynavi Corporation, said, “We are fully confident in the Awign’s founders’ ability to continue steering their operations. Their commitment reassures that together, we can bring our vision to life and grow exponentially, in India and beyond. With our presence in India, we want to encourage India’s growth and create shared value.”

(Inputs from BL intern Vidushi Nautiyal)

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