Making another bet through his one-year-old venture — Navi Technologies (formerly BAC Acquisitions) — Sachin Bansal has acquired Bengaluru-based tech consulting startup MavenHive.
As part of this deal, the MavenHive team along with founders, Bhavin Javia and Anandha Krishnan have joined Navi.
The acquisition is expected help Navi leapfrog its product development initiatives and augment its technology capabilities, revealed Sachin Bansal in a press statement.
Specialised in end-to-end product development and training, such as technical consulting, web development, systems integration, API development, Android, iOS, and data engineering, seven-year-old MavenHive has helped several startups and tech companies achieve major milestones in their product journeys.
Interestingly, Flipkart’s other co-founder Binny Bansal is involved with a similar company called xto10x Technologies — a new-age consulting firm of sorts —which helps startups with its scaling issues and assists them in areas of strategy execution, data science, HR, finance, among others.
As for MavenHive — some of the renowned companies that have used its solutions include Flipkart, Gojek, Grasshopper and Scripbox. Additionally, MavenHive’s developer boot camps were highly sought after by many notable tech companies for their induction programs, according to its press statement.
Launched by Bansal, along with his IIT batchmate Ankit Agarwal, Navi has made over 10 investments in startups as well as NBFCs namely Kissht, VOGO, Bounce, Krazybee, Altico Capital, and CRIDS. Last month, Bansal had also poured Rs 888.5 crore into Navi in his personal capacity.
Apart from Navi, Bansal is also the CEO of CRIDS in which he acquired a controlling stake after infusing Rs 740 crore in the NBFC firm focused on micro-financing in rural India.
Along with microfinance and lending, Bansal has been trying to acquire licence to open up a new-age bank. But, that comes with its own set of challenges because as per RBI guidelines, it requires him to have significant experience in the financial services space.