Japan-based Mynavi acquires majority stake in HR tech startup Awign
Under the new structure, Bengaluru-based Awign aims to generate USD 1 billion revenue by 2030.
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.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Gold and Silver rate today (May 14, 2024): Precious metals trade in green; yellow metal above Rs 72,000 once again, white metal near Rs 85,350
Top 7 Stocks to Track: This defence PSU multibagger can give 45% return; food delivery app stock likely to rise 19%
Mutual Fund SIP: Invest Rs 1000 per month to grow your corpus to over Rs 3.5 core at retirement, know calculations
01:00 PM IST