“This acquisition will add to Navi’s technology capabilities,” said Bansal, chief executive officer (CEO), Navi Technologies, in a statement.
The two parties did not share the deal size but said MavenHive's two founders and 40-odd team members have joined the Bansal-owned firm.
MavenHive was started by Bhavin Javia and Anandha Krishnan in 2012. Javia has 15 years of IT consulting experience across various firms, where he has led teams and helped scale business-critical applications. Krishnan has built several large-scale applications and distributed systems. Both have had long stints at ThoughtWorks, a global software delivery and consulting firm.
“We are very eager to start working with Sachin, and with Navi” said Javia. “We were awed by the kind of organisation that he built Flipkart
into. So, when Yogi Kulkarni (ex-Principal Architect of Flipkart
and VP of Engineering at Navi) introduced us to this opportunity, we were excited to be part of the next leg of their journey,” he said.
Bansal’s latest acqui-hire is likely to bring significant upside and scale to the operations of Navi Technologies, which is into investing and scaling early-stage start-ups with a focus on financial services. He is likely to use the new asset to build tech-applications to automate businesses processes and other functions like hiring, operations, and growth at investee firms at scale.
Months after exiting Flipkart, Bansal set up BAC Acquisitions, later renamed Navi Technologies, in December 2018. He set up the business with his Indian Institute of Technology-Delhi (IIT-D) batchmate Ankit Agarwal to invest in start-ups through a mix of equity and debt.
So far, Navi Technologies has invested in Kissht, Bounce, Vogo, Krazybee, Altico Capital, and CRIDS. In fact, in some of the deals Bansal has invested directly as well.
Recently, Bansal recapitalized Navi Technologies through fresh investment of Rs 888 crore.
Talking about the deal, Bansal 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.”
Meanwhile, Bansal has taken the reins at non-banking financial services company (NBFC) Chaitanya India Fin Credit, which he acquired in September. He acquired a majority stake in the rural-lending firm for Rs 740 crore and became its CEO.
Currently, he is said to be putting in place a new technology infrastructure at Chaitanya, as he prepares to scale the business further into a full-services micro-finance bank.