Bengaluru-based HR tech startup Awign has raised Rs 203.5 crore ($24.5 Million) from Japan-based Mynavi Corporation which now holds a majority stake of 73% in the gig platform as per its filings with the Registrar of Companies (RoC).
The Japanese HR firm has bought 24,018 shares from existing investors now set to exit the company including Unitus Ventures, Pinnacle Investment, and Dell Foundation along with the co-founders, at around Rs 393 crore to Rs 490 crore.
The company board has passed resolutions to buy back 2,641 Series A CCPS which represent 7% of the capital at a total amount of Rs 43.1 crore, and to issue 11,485 Series C CCPS at an issue price of Rs 1,77,206 each, raising a total of Rs 203.5 crore ($24.5 crore).
The company’s value post-allotment is estimated at Rs 828 crore ($100 Million) and its filings show that the gig startup is set to use the funds to meet working capital needs, expand the business, and for general operations.
The gig platform was founded in 2016 by Annanya Sarthak, Gurpreet Singh, and Praveen Kumar Sah running its businesses through outcome-based execution, discovery, deployment, and payroll.
TheKredible reports that funding for the firm dropped by 70% to $90 Million in FY23 from $341 Million in FY22 and $315 Million prior in FY21. While the company has yet to file its financial report for FY24, its FY23 annual statements showed that both its revenue and losses surged by 2 times, reaching Rs 134 crore and Rs 39.6 crore respectively.
