Awign-Mynavi deal: A testament to India’s rising gig economy and investor confidence

On Friday, Bengaluru-based Awign Enterprises Private Limited was acquired by Japanese HR firm Mynavi Corporation in an all-cash deal. 

With this acquisition, few of Awign’s early investors including Capria, Lumis, MSDF, Amicus Capital, and Pankaj Bansal will exit the company, a statement by Awign said.

Established in 2016 by Annanya Sarthak, Gurpreet S Khurana, and Praveen Kumar Sah, Awign has a network of over 1.5 million gig partners, and has partnerships with over 175 prominent enterprises.

Annanya Sarthak, Co-founder and CEO of Awign, told YourStory that this is the largest deal in the HR space in the last 20 years in India.

While the gig economy was once deemed an obscure market in India, the acquisition instils excitement and optimism within the startup ecosystem.

Pankaj Bansal, Co-founder of CaretCapital, in his LinkedIn post emphasised how the acquisition stands as a robust rebuttal to critics and reports that have labelled the gig economy in India as unseen or insignificant.

Reflecting on the past, Bansal recalled his encounter with Sarthak and Khurana, who presented the visionary concept of employment and gig opportunities for India. 

“Our fervour was to generate 10 million jobs in India, and I believed that their team at Awign had the greatest potential to lay the groundwork,” he noted. Consequently, they, along with Radha Ahluwalia, General Partner at Work Capital; Kamakshi Pant, Partner at Work Capital and Chief Business Officer at Taggd; Rajul Garg, founder and Managing Partner at Leo Capital; and others, united to actualise the vision of creating these 10 million jobs.

Despite the onset of COVID-19 in 2020, Awign pivoted, with the team making tough decisions but remaining resolute in their vision. They didn’t allow themselves to be swayed by competition or investment announcements. They also managed to secure support from significant entities such as the Michael & Susan Dell Foundation, Sanjay Modi, Unitus Capital, Will Poole, Amicus Capital Partners, and Bertelsmann India Investments. This support facilitated the growth of the gig market, which was previously largely unorganised, transforming it into a recognised category extending beyond just temping solutions.

“Fast forward to 2024, Hidekazu Ito San from Mynavi Corporation acquired the best gig platform from India called Awign,” he added.

Awign specialises in optimising work processes for major corporations and partners with them across a variety of sectors including retail, FMCG, automotive, education, manufacturing, construction, and pharmaceuticals. 

Khurana, the Co-founder and Chief Business Officer of Awign, stated that the company has experienced a tenfold growth over the past 3-4 years. They are now aiming to achieve net profitability within the next few quarters.

In a recent conversation with YourStory, Sarthak mentioned that Mynavi’s main operations are in Japan, and it has expanded to Indonesia and Vietnam through acquisitions and investments. Recognising the importance of broadening its horizons to become the top HR company in Asia, Mynavi has identified India as its primary focus for the next decade.