 "Venture capital")
Capria Ventures, a Global South specialist venture capital firm, on Friday announced the successful completion of fundraising for its India Opportunity Fund at Rs 153 crore. This comes after a full-cash exit from its portfolio company Awign.
Capria and other investors in Awign - India's largest tech-led, on-demand work fulfillment platform - have sold their stake in the company in a buyout by Japanese conglomerate Mynavi Corporation. The companies have not revealed the value of the deal.
“Mynavi’s acquisition of Awign not only opens untapped markets and opportunities for the company but is also a great exit for our India Fund II, where we will return more than 50 per cent of the invested capital through this one exit. The multiple on invested capital for Awign for our India Fund II is over 7x. Additionally, our now-closed India Opportunity Fund, which also invested in Awign in February 2023, will return more than 20 per cent of the invested capital to its LPs (limited partners),” said Surya Mantha, Managing Partner at Capria.
Founded in 2016, Awign helps over 175 enterprises run their businesses at scale through end-to-end management and outcome-based execution of core business functions. The company has seen 20x growth in revenue since Capria first led its Seed round investment in 2018. With its asset-light and easy-to-configure tech platform, Awign has also improved the lives of 1.5 million gig workers.
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In February 2023, Capria achieved the first close of its India Opportunity Fund at Rs 75 crore (announced originally as Unitus Ventures India Opportunity Fund before Capria and Unitus joined forces to operate as a single brand, Capria, in September 2023). Capital from the first close of this fund was invested in the firms of its early-stage funds (Capria India Fund I and Capria India Fund II), such as Awign, BetterPlace, Cuemath, Eduvanz, and Masai.
“This rewarding exit reinforces our confidence in our ability to unlock significant value for our investors,” said Dave Richards, co-founder and Managing Partner at Capria.
Regarding the acquisition, Awign said in a statement that the transaction represented the first-ever cross-border deal of this magnitude within the HR tech sector in the past two decades.
Mynavi, a leader in the HR industry, brings market exposure and access to a diverse demographic. This partnership and the patient capital will further enable Awign to focus on long-term strategic growth.
Annanya Sarthak, co-founder and CEO of Awign, said this was a significant development for the company as it embarks on a 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. This partnership will help Awign to scale its operations and go beyond its core strengths,” said Sarthak.
“Our alliance with Awign is not just strategic but also a reflection of our shared commitment to making a significant social impact. With our presence in India, we want to encourage India's growth and create shared value,” said Hidekazu Ito, Managing Director, Mynavi Solutions India, a subsidiary of Mynavi Corporation.
