HR-Tech Startup Awign captures $24.5 million in Series C
According to HR-tech startup Awign’s RoC filings, the Japan-based Mynavi Corporation has invested Rs 203.5 crore, or $24.5 million, in the HR tech startup in Series C Funding Round.
Mynavi will now hold a 73% stake in the Bengaluru-based HR Tech Startup. According to Awign’s regulatory filings, the board of directors approved a special resolution in May to issue 11,485 Series C CCPS at a price of Rs 1,77,206 per unit to raise Rs.203.5 crore, or $24.5 million.
This occurred at the same time that Awign made it public knowledge that Mynavi will own the majority stake in the former. However, at the time, the startup had withheld additional information regarding the transaction.
Awign’s filings states that the company also passed a separate resolution to buy back 2,641 Series A CCPS for Rs 43.1 crore, or 7% of the company’s capital.
Between Rs.393 and Rs.490 crore, Mynavi Corporation purchased 24,018 shares from existing investors.
Unitus Ventures, Pinnacle Investment, Dell Foundation and the co-founders of the company are the investors whose investments either received a partial or complete exit. Awign has been estimated to be worth around $100 million (post-allotment) or Rs 828 crore.
According to the filing, Awign will use these funds for general operations, meeting working capital requirements, and expanding the business.
Established by Annanya Sarthak, Gurpreet Singh, and Praveen Kumar Sah in 2016, Awign assists undertakings with maintaining their organizations through result based execution alongside revelation, arrangement, and finance.
Mynavi will now hold a 73% stake in the Bengaluru-based HR Tech Startup. According to Awign’s regulatory filings, the board of directors approved a special resolution in May to issue 11,485 Series C CCPS at a price of Rs 1,77,206 per unit to raise Rs.203.5 crore, or $24.5 million.
This occurred at the same time that Awign made it public knowledge that Mynavi will own the majority stake in the former. However, at the time, the startup had withheld additional information regarding the transaction.
Awign’s filings states that the company also passed a separate resolution to buy back 2,641 Series A CCPS for Rs 43.1 crore, or 7% of the company’s capital.
Between Rs.393 and Rs.490 crore, Mynavi Corporation purchased 24,018 shares from existing investors.
Unitus Ventures, Pinnacle Investment, Dell Foundation and the co-founders of the company are the investors whose investments either received a partial or complete exit. Awign has been estimated to be worth around $100 million (post-allotment) or Rs 828 crore.
According to the filing, Awign will use these funds for general operations, meeting working capital requirements, and expanding the business.
Established by Annanya Sarthak, Gurpreet Singh, and Praveen Kumar Sah in 2016, Awign assists undertakings with maintaining their organizations through result based execution alongside revelation, arrangement, and finance.
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