Fintech startup Navi Technologies has completed the acquisition of Bengaluru-based technology consultancy MavenHive, the company said on Thursday.
“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. This acquisition will add to Navi’s technology capabilities," said Sachin Bansal, CEO, Navi Technologies.
Flipkart co-founder Sachin Bansal and his IIT batchmate Ankit Agarwal set up BAC Acquisitions Pvt. Ltd in December 2018. This was rebranded as Navi Technologies in October this year.
Last month, Bansal had put Rs 888.5 crore into Navi in his personal capacity.
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.
“It’s a 100% acquisition and the founders are happy with the price. We were looking to hire some of the best and brightest engineers to join our team. When we came across the team of MavenHive, we were very impressed with the team and the kind of work they were doing while helping many good product companies achieve their vision. Hence, it was an ideal fit for us," Livemint quoted a Navi spokesperson as saying.
MavenHive has helped companies such as Flipkart, Gojek, Grasshopper and Scripbox to achieve major milestones in their product journeys, according to the statement by Navi. The MavenHive team, including its founders Bhavin Javia and Anandha Krishnan, has joined Navi as part of the deal.
Navi has invested in startups and non-banking financial companies (NBFCs), including Altico Capital India Ltd and Indostar Capital Finance Ltd.