MavenHive, a technology consultancy firm, has been acquired by Navi Technologies. The latter is the venture floated by Sachin Bansal, one of the co-founders of Flipkart. Bansal had pocketed a huge windfall of over $1 billion when Flipkart was bought by Walmart in 2018. One of the companies he had co-founded with these funds was called BAC Acquisitions Pvt Ltd. The firm had the objective of making investments in the fintech sector. BAC Acquisitions was renamed subsequently to Navi Technologies and Sachin Bansal is its CEO.
MavenHive, founded by Bhavin Javia and Ananda Krishnan, claims to have been instrumental in companies like Flipkart, Gojek, Grasshopper and Scripbox leverage their product resources in the marketplace. Navi Technologies feel this addition of MavenHive to their company will strengthen their own efforts at building new technologies and finding multiple applications.
The price of the acquisition has not been disclosed, except that it is a 100% takeover and the existing team at MavenHive including the founders move into Navi Technologies and continue playing their roles. Navi Technologies has also stated that they were already on the lookout for fresh technical hands to join their efforts and when they found the team at MavenHive fitting their requirement, they decided to acquire the startup.
Some of the other investments that Sachin Bansal has made include Altico Capital India Ltd and Indostar Capital Finance Ltd. Both are non-banking finance companies, or NBFCs. In Navi Technologies itself, Sachin Bansal has committed Rs 885.5 crore of additional investments.
Chaitanya Rural Intermediation Development Services Pvt. Ltd (CRIDS) is another venture where Sachin Bansal is the CEO. The company is a micro lender. Bansal owns the majority stake in the company.
Vogo and Bounce are two startups in which Bansal took early interest and made investments. These are into mobility offering intra-city rides by two-wheelers. Ola is another venture where he has invested as well as the electric scooter manufacturing venture Ather Energy.