Total amount raised
$51.6 Million
Latest funding date
7/1/2024
Location
Awign has successfully raised funding through 9 rounds, with notable investors including Mynavi and Amicus Capital Partners. The platform is recognized as India's #1 Work Fulfilment Platform, offering diverse services across multiple sectors.
Keep reading to explore the intricacies of Awign's fundraising journey and the investors backing this innovative platform.
What Is Awign?
Awign, headquartered in Bengaluru, Karnataka, India, is a prominent work-as-a-service platform. The company operates across various industries, including Business Development, E-Commerce, EdTech, Hospitality, Information Technology, Last Mile Transportation, Marketing, and Outsourcing.
Founded in 2019, Awign has grown to employ between 251 and 500 people. The platform connects job seekers with diverse work opportunities, serving over 175 large enterprises and completing more than 30 million tasks. Awign's extensive reach spans over 1000 cities and 19,000 pin codes across India.
How Much Funding Has Awign Raised?
- Series C
- Amount Raised: USD 24,500,000
- Date: July 2024
- Lead Investors: Mynavi
- Valuation at Round: USD 100,000,000
- Motivation Behind the Round: Business expansion, working capital requirements, and general operations.
- Series B
- Amount Raised: USD 15,000,000
- Date: August 2022
- Lead Investors: Amicus Capital Partners, Bertelsmann India Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance technology infrastructure.
- Series A
- Amount Raised: USD 3,800,000
- Date: August 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and develop new products.
- Debt Financing
- Amount Raised: INR 40,000,000
- Date: December 2020
- Lead Investors: BlackSoil
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To meet immediate working capital needs.
- Series B
- Amount Raised: Not publicly disclosed
- Date: November 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support business growth and operational expansion.
- Series A
- Amount Raised: USD 4,000,000
- Date: December 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance service offerings and expand the team.
- Series A
- Amount Raised: USD 2,800,000
- Date: September 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop technology and expand market presence.
- Seed
- Amount Raised: INR 50,000,000
- Date: January 2018
- Lead Investors: Unitus Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch initial operations and build the platform.
- Angel
- Amount Raised: INR 9,000,000
- Date: August 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the business and develop a minimum viable product.
Awign has raised a total of USD 49,100,000. The current valuation is USD 100,000,000.
Key Investors
- Mynavi Corporation
- Details: Mynavi Corporation is a Japan-based company that now owns a 73% stake in Awign after investing $24.5 million in the Series C funding round. The company focuses on HR tech and related sectors.
- Investment Focus Areas: HR tech, recruitment, media
- Notable Investments: Not publicly disclosed
- Amicus Capital Partners
- Details: Amicus Capital Partners is a private equity firm that participated in Awign's Series B funding round. The firm focuses on investing in high-growth companies in India.
- Investment Focus Areas: Financial services, healthcare, consumer
- Notable Investments: Not publicly disclosed
- Unitus Ventures
- Details: Unitus Ventures is an early-stage venture capital firm that was one of the initial investors in Awign. The firm focuses on startups with a social impact.
- Investment Focus Areas: Education, healthcare, financial inclusion
- Notable Investments: Awign, Hippocampus Learning Centres, MedGenome
- Dell Foundation
- Details: The Dell Foundation is a philanthropic organization that invests in initiatives driving social impact. It was one of the initial investors in Awign.
- Investment Focus Areas: Education, health, financial inclusion
- Notable Investments: Not publicly disclosed
- Pinnacle Investment
- Details: Pinnacle Investment is a venture capital firm that focuses on high-growth potential startups. It was one of the initial investors in Awign.
- Investment Focus Areas: Technology, consumer, healthcare
- Notable Investments: Not publicly disclosed
What's Next for Awign?
Awign's future looks promising with significant opportunities for business expansion and operational improvements. The recent $24.5 million Series C funding from Mynavi Corporation highlights the potential for growth in the HR tech space, despite the overall decline in industry funding. This investment will enable Awign to scale its operations and enhance its service offerings, positioning it well to capitalize on emerging market trends.
Future fundraising opportunities seem likely, given the substantial backing from Mynavi and Awign's impressive growth trajectory. However, the company may face challenges such as increasing losses and a competitive funding environment. Addressing these issues will be crucial for sustaining momentum and attracting further investment.
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