Sachin Bansal’s co-founded enterprise Navi (previously BAC Acquisitions) on Thursday mentioned that it has accomplished the acquisition of MavenHive, a Bengaluru-based expertise consulting agency, to additional its product growth initiatives.
The Mavenhive group together with its founders have joined Navi, as part of this transaction.
Based by Bhavin Javia and Anandha Krishnan, MavenHive consults corporations changing their concepts into high-quality software program. The startup boasts of a tech clientele, which incorporates names like Flipkart, Gojek, Grasshopper, Scripbox, amongst many others, to attain main milestones of their product journeys.
Speaking concerning the acquisition, Sachin Bansal mentioned,
“We’re very enthusiastic about this acquisition, which is able to add nice functionality to our ambitions to construct leading edge expertise platforms that may take purposes to scale. This acquisition will add to Navi’s expertise capabilities.”
Whereas, Bhavin Javia, Co-founder of Mavenhive, mentioned,
“We’re very keen to start out working with Sachin and with Navi. We have been awed by the sort of organisation that he constructed Flipkart into. So, when Yogi Kulkarni (former Principal Architect of Flipkart and VP of Engineering at Navi) launched us to this chance, we have been excited to be a part of the following leg of their journey.”
In December 2018, Navi Applied sciences was based by Sachin Bansal and Ankit Agarwal with the goal of constructing the monetary companies easy, inexpensive and accessible.
In response to regulatory filings, Sachin Bansal made a contemporary fund infusion of Rs 888.5 crore into his funding arm Navi Applied sciences earlier in November this yr.
Up to now, Navi Applied sciences (below the identify BAC Acquisitions), has invested in numerous startups together with – two-wheeler rental startup Bounce, shopper electronics startup boAT, digital lending startup Kissht, amongst others.
In October, the Competitors Fee of India (CCI) additionally gave its approval below the ‘inexperienced channel’ path to the acquisition of Essel Mutual Fund by a Sachin Bansal-owned BAC Acquisitions (now Navi).
(Edited by Saheli Sen Gupta)