Sachin Bansal’s Navi acquires technology consulting startup MavenHive
Sachin Bansal's co-founded venture Navi (formerly BAC Acquisitions) on Thursday said that it has completed the acquisition of MavenHive, a Bengaluru-based technology consulting firm, to further its product development initiatives.
The Mavenhive team along with its founders have joined Navi, as a part of this transaction.
Founded by Bhavin Javia and Anandha Krishnan, MavenHive consults companies converting their ideas into high-quality software. The startup boasts of a tech clientele, which includes names like Flipkart, Gojek, Grasshopper, Scripbox, amongst many others, to achieve major milestones in their product journeys.
Talking about the acquisition, Sachin Bansal said,
“We are very excited about this acquisition, which will add great capability to our ambitions to build cutting edge technology platforms that can take applications to scale. This acquisition will add to Navi’s technology capabilities.”
While, Bhavin Javia, Co-founder of Mavenhive, said,
“We are very eager to start working with Sachin and with Navi. We were awed by the kind of organisation that he built Flipkart into. So, when Yogi Kulkarni (former Principal Architect of Flipkart and VP of Engineering at Navi) introduced us to this opportunity, we were excited to be part of the next leg of their journey.”
In December 2018, Navi Technologies was founded by Sachin Bansal and Ankit Agarwal with the aim of making the financial services simple, affordable and accessible.
According to regulatory filings, Sachin Bansal made a fresh fund infusion of Rs 888.5 crore into his investment arm Navi Technologies earlier in November this year.
In the past, Navi Technologies (under the name BAC Acquisitions), has invested in a number of startups including – two-wheeler rental startup Bounce, consumer electronics startup boAT, digital lending startup Kissht, amongst others.
In October, the Competition Commission of India (CCI) also gave its approval under the 'green channel' route to the acquisition of Essel Mutual Fund by a Sachin Bansal-owned BAC Acquisitions (now Navi).
(Edited by Saheli Sen Gupta)