Sachin Bansal led Navi Technologies (formerly known as BAC Acquisitions Pvt. Ltd) has acquired MavenHive, a Bengaluru-based technology consulting firm to fund their product development initiatives.
Navi Technologies, an investment firm with a focus on the financial services space, was co-founded by Sachin Bansal, the co-founder of Flipkart, with Ankit Agarwal. The company was set up soon after Bansal sold his stake in Flipkart to US retailer Walmart last year for $1 billion.
The team of MavenHive has joined Navi technologies along with the founders of the company, Bhavin Javia and Anandha Krishnan. MavenHive was founded in 2012, and has engaged with leading tech companies like Flipkart, Gojek, Grasshopper, and Scripbox. Bhavin Javia has over 15 years of software consulting experience and has led many project teams. On the other hand, Krishnan has over a decade of experience in the creation of large-scale distributed object applications and the integration of disparate systems.
In their media statement on the acquisition – Sachin Bansal, CEO, Navi, 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.”
Tracking back to the recent developments in Navi, last month Sachin Bansal has reportedly invested Rs 888 crore in Navi. In September, he acquired Chaitanya Rural Intermediation Development Services Pvt. Ltd, which was said to be his biggest deal since quitting the e-commerce company last year. Through Navi Technologies, Bansal has also invested ₹250 crore each in non-banking financial companies (NBFCs) Altico Capital India Ltd and Indostar Capital Finance Ltd.
