Awign, India’s largest Work-As-A-Service platform, today announces a strategic majority stake acquisition in an all-cash deal from Mynavi Corporation. This landmark transaction represents the first-ever cross-border deal of this magnitude within the HR tech sector in the past two decades, establishing a new industry benchmark. This partnership will also signify the departure of few of Awign’s early backers, including Capria, Lumis, MSDF, Amicus Capital and Pankaj Bansal.

Mynavi, a leader in the HR industry, brings market exposure and access to a diverse demographic, reinforcing Awign’s already strong position in India’s work fulfillment space. Moreover, this partnership and the patient capital will further enable Awign to focus on long term strategic growth and deeper value creation without getting affected by the fundraising market environment.

Annanya Sarthak, Co-Founder & CEO of Awign, said, “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. The Work-As-A-Service, as a concept, has evolved since COVID-19 and through our deep understanding of the space and digital transformation, we are today the market leader and value creator in this space. This partnership will help AWIGN to scale its operations and go beyond its core strengths. Our primary focus remains on strengthening our growth engine by onboarding enterprise customers worldwide and launching new categories in the HR space. We are excited about the opportunities ahead as we together, with Mynavi, work towards a larger mission of impacting more lives in the country.”

Hidekazu Ito, Managing Director, Mynavi Solutions India, a subsidiary of Mynavi Corporation, commented on the partnership stating, “Our alliance with Awign is not just strategic but also a reflection of our shared commitment to making a significant social impact. The synergy between our visions, empowers us to tackle the challenges in the HR sector more effectively.

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.”

This partnership will help Awign build 3 key areas – Building a power team of best suited talent , enhancing brand visibility both in India and internationally and investing in technology to expand its digital infrastructure and build better platforms. This will further fuel Awign’s ambitions in onboarding and serving more global enterprise customers.

IndigoEdge, Anoma Legal and Aeka advisors advised Awign along with their existing investors while Deloitte,Anderson Mori & Tomotsune LPC and Cyril Amarchand Mangaldas advised Mynavi for this transaction.