Sachin Bansal's Navi Technologies Is Looking To Build Technology Platforms With The Help of This Startup
Navi has announced the acquisition of MavenHive, a Bangalore-based technology consulting firm to leapfrog its product development initiatives
After making a billion-dollar exit, Sachin Bansal along with his friend Ankit Agarwal had registered BAC Acquisitions Pvt Ltd in Bengaluru in December 2018. Bansal has made several investments in the Indian startup ecosystem through his new venture which has been renamed as Navi Technologies. Now Navi has announced the acquisition of MavenHive, a Bangalore-based technology consulting firm.
According to the official statement, this acquisition deal will help Navi to leapfrog their product development initiatives. Previously it was reported that Bansal’s Navi is aimed at acquiring, developing, and making new technologies available for innovation across sectors such as data sciences, healthcare, energy, media and entertainment. As a part of the deal, the Mavenhive team along with its founders have now joined Navi.
“We are very excited about this acquisition, which will add a 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,” Sachin Bansal said in a statement.
MavenHive: Turning Ideas Into Softwares
Bengaluru-based MavenHive was founded in 2012 by Bhavin Javia and Anandha Krishnan. It is a tech consulting firm specializing in end-to-end product development and training. According to the company it works with product companies to convert their ideas into high-quality software.
The company delivers scalable web applications, systems integrations, product MVPs and APIs to product companies. MavenHive counts tech companies such as Flipkart, Gojek, Grasshopper, Scripbox and ThoughtWorks among many others as their clients.
Bansal’s Journey After Flipkart
Sachin and Binny Bansal had founded Flipkart in 2007 as an online book store. In 2018, Walmart acquired a 77 per cent stake in Flipkart that saw Sachin exit the company. Following his exit, Bansal has been investing across several startups.
Some of the Bansal’s investment deals include a $51 million investment in EV startup Ather Energy, $92 million in cab aggregator service, Ola, INR 20.8 crore in ride-sharing service VOGO, INR 250 crores in IndoStar Capital Finance, among others.Apart from launching Navi Technologies, Bansal acquired 94 per cent stake in Bengaluru-based microfinance company Chaitanya Rural Intermediation Development Services (CRIDS). The Flipkart founder will reportedly invest INR 739 crore in the non-banking finance company (NBFC) and is expected to take up the role of CEO as a part of this deal.