Sachin Bansal’s Navi acquires MavenHive
As part of the transaction, the MavenHive team, including its founders, have joined Navi TechnologiesThe acquisition will boost Navi’s product development initiatives, the company said, but did not disclose the deal amount
PremiumNavi Technologies, an investment firm with a focus on the financial services sector, co-founded by Flipkart co-founder Sachin Bansal, has completed the acquisition of Bengaluru-based technology consultancy MavenHive, the company said on Thursday.
The acquisition will boost Navi’s product development initiatives, the company said, but did not disclose the deal amount.
“It’s a 100% acquisition and the founders are happy with the price. We were looking to hire some of the best and brightest engineers to join our team. When we came across the team of MavenHive, we were very impressed with the team and the kind of work they were doing while helping many good product companies achieve their vision. Hence, it was an ideal fit for us," a Navi spokesperson 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," said Bansal, Navi chief executive officer (CEO).
MavenHive has helped companies such as Flipkart, Gojek, Grasshopper and Scripbox to achieve major milestones in their product journeys, according to the statement by Navi.
The MavenHive team, including its founders Bhavin Javia and Anandha Krishnan, has joined Navi as part of the transaction.
In December 2018, Bansal and Ankit Agarwal set up BAC Acquisitions Pvt. Ltd, a holding company, with the aim of making financial services simple, affordable and accessible, according to the statement. This was renamed as Navi Technologies in October this year.
In 2018, US retail giant Walmart had acquired a 77% stake in Flipkart for $16 billion and Bansal made more than $1 billion from the sale of his stake.
Navi has invested in startups and non-banking financial companies (NBFCs), including Altico Capital India Ltd and Indostar Capital Finance Ltd.
In November this year, Bansal had invested an additional ₹888.50 crore in Navi.
Bansal also became the CEO of Bengaluru-based microlender, Chaitanya Rural Intermediation Development Services Pvt. Ltd (CRIDS), after he purchased a majority stake in CRIDS. Bansal has also backed mobility ventures such as Vogo and Bounce, ride-hailing company Ola, and electric vehicle maker Ather Energy.
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