Flipkart co-founder Sachin Bansal-led Navi Technologies, known until recently as BAC Acquisitions Pvt. Ltd or BACQ, has acquired Bengaluru-based technology consulting firm MavenHive in order to drive its product development initiatives.
MavenHive's team and its founders have joined Navi, according to a press statement. It didn't disclose any financial details of the transaction.
BACQ was renamed as Navi in October. BACQ, the investment firm with a focus on the financial services sector, was co-founded by Bansal and his IIT-Delhi batchmate Ankit Agarwal.
The company was set up soon after Bansal sold his stake in homegrown e-commerce firm Flipkart to US retailer Walmart last year for about $1 billion. The US retail giant bought 77% of Flipkart for $16 billion.
MavenHive, founded by Bhavin Javia and Anandha Krishnan in 2012, has helped many tech companies like Flipkart, Gojek, Grasshopper and Scripbox.
Javia, who has over 15 years of software consulting experience, has led many project teams. Krishnan has over a decade of experience in the creation of large-scale distributed object applications and the integration of disparate systems.
Bansal, CEO at Navi, said that this acquisition will add “great capability to our ambitions to build cutting-edge technology platforms that can take applications to scale”.
“We are very eager to start working with Bansal, 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 vice-president of engineering at Navi) introduced us to this opportunity, we were excited to be part of the next leg of their journey,” he added.
Investments by Sachin Bansal
Bansal reportedly invested Rs 888 crore in Navi last month. In September, Bansal acquired Chaitanya Rural Intermediation Development Services Pvt. Ltd, striking his biggest deal since quitting Flipkart last year.
A month before, U Gro Capital Ltd, a technology-enabled lender to small businesses, raised Rs 75 crore (about $10.56 million) from Bansal and Poonawalla Finance Pvt. Ltd, a part of the Cyrus Poonawalla Group.
In the same month, Bansal also received approval of the Competition Commission of India to acquire Essel Mutual Fund.