Navi Technologies, an investment firm with a focus on the financial services sector, co-founded by Flipkart co-founder Sachin Bansal, has completed the acquisition of Bengaluru-based technology consultancy MavenHive, the company said on Thursday.
The acquisition will boost Navi’s product development initiatives, the company said, but did not disclose the deal amount.
“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,” a Navi spokesperson 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. This acquisition will add to Navi’s technology capabilities,” said Bansal, Navi chief executive officer (CEO).
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 transaction.
In December 2018, Bansal and Ankit Agarwal set up BAC Acquisitions Pvt. Ltd, a holding company, with the aim of making financial services simple, affordable and accessible, according to the statement. This was renamed as Navi Technologies in October this year.