Total amount raised
$51.6 Millions
Latest funding date
7/1/2024
Location
Awign has successfully raised significant funding from a diverse group of investors, including Mynavi and Amicus Capital Partners. The platform specializes in gig workforce and last-mile delivery services, catering to various sectors such as education-technology, hospitality, and e-commerce.
Keep reading to explore the intricacies of Awign's fundraising journey and the investors backing this innovative platform.
What Is Awign?
Founded in 2016, Awign is a pioneering platform based in Bangalore, Karnataka, India. The company specializes in gig workforce and last-mile delivery services, catering to sectors like education-technology, hospitality, and e-commerce.
Awign was established by Annanya Sarthak, Gurpreet Singh, and Praveen Sah. The platform connects gig workers with part-time job opportunities, offering services such as auditing, telecalling, and business development.
With a workforce of 251-500 employees, Awign continues to expand its reach, providing flexible work opportunities to college students, graduates, and women returning to work.
How Much Funding Has Awign Raised?
- Series C
- Amount Raised: $24.5M
- Date: July 2024
- Lead Investors: Mynavi Corporation
- Valuation at Round: Approximately $100M
- Motivation Behind the Round: Business expansion, working capital requirements, and general operations.
- Series B
- Amount Raised: $15M
- Date: August 2022
- Lead Investors: Amicus Capital Partners, Bertelsmann India Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Scaling operations and expanding market reach.
- Series A
- Amount Raised: $3.8M
- Date: August 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Enhancing technology and expanding service offerings.
- Debt Financing
- Amount Raised: ₹40M
- Date: December 2020
- Lead Investors: BlackSoil
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Meeting immediate financial needs and operational costs.
- 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: Strengthening market position and expanding client base.
- Series A
- Amount Raised: $4M
- Date: December 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Product development and market penetration.
- Series A
- Amount Raised: $2.8M
- Date: September 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial market entry and service launch.
- Seed Round
- Amount Raised: ₹50M
- Date: January 2018
- Lead Investors: Unitus Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Early-stage development and operational setup.
- Angel Round
- Amount Raised: ₹9M
- Date: August 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Seed funding for initial business operations.
Awign has raised a total of $50.1M with a current valuation of approximately $100M.
Key Investors
- Mynavi Corporation
- Details: Mynavi Corporation is a Japan-based company that has acquired a 73% stake in Awign. They are a significant player in the HR tech sector.
- Investment Focus Areas: HR tech, recruitment, career development.
- Notable Investments: Awign, Mynavi Job Search, Mynavi Global.
- Amicus Capital Partners
- Details: Amicus Capital Partners is a private equity firm that focuses on investing in high-growth companies. They have been involved in multiple funding rounds for Awign.
- Investment Focus Areas: Financial services, healthcare, consumer sectors.
- Notable Investments: Awign, Aye Finance, Capital Small Finance Bank.
- Bertelsmann India Investments
- Details: Bertelsmann India Investments is the strategic investment arm of Bertelsmann SE & Co. KGaA in India. They focus on early-stage and growth-stage investments.
- Investment Focus Areas: Digital media, education, services.
- Notable Investments: Awign, Eruditus, Pepperfry.
- BlackSoil
- Details: BlackSoil is a venture debt firm that provides structured debt solutions to high-growth companies. They participated in Awign's debt financing round.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Awign, OYO Rooms, Zostel.
- Unitus Ventures
- Details: Unitus Ventures is an early-stage venture capital firm that focuses on startups with a social impact. They were an early investor in Awign.
- Investment Focus Areas: Education, healthcare, financial inclusion.
- Notable Investments: Awign, Hippocampus Learning Centres, UE LifeSciences.
What's Next for Awign?
Awign's recent Series C funding round, led by Mynavi Corporation, positions the company for significant growth. With a fresh infusion of $24.5 million, Awign aims to expand its business operations and meet working capital requirements. The HR tech industry, despite a recent dip in funding, presents vast opportunities for Awign to scale its services and tap into new markets.
Future fundraising rounds seem likely as Awign continues to grow, potentially attracting more investors interested in the burgeoning gig economy. However, challenges such as increased operational losses and a general decline in HR tech funding could pose hurdles. Navigating these challenges will be crucial for Awign's sustained growth and market presence.
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