SUMMARY
Navi’s portfolio include Bounce, Vogo, Milkbasket and BoAt
Technology consulting company MavenHive was founded in 2012
MavenHive’s clientele includes Flipkart, Gojek, Grasshopper among others
Sachin Bansal and Ankit Agarwal’s Navi Technologies (formerly known as BAC Acquisitions) announced an acquihire deal with Bangalore-based technology consulting firm MavenHive. A press statement from Navi said the MavenHive team will be joining Navi.
Founded in 2012 by Bhavin Javia and Anandha Krishnan, MavenHive is a tech firm that specialises in end-to-end product development and training. The platform deals in web applications, systems integration, minimum viable product (MVP) and application programming interface integration for companies.
MavenHive’s clientele includes several startups and tech companies from across the globe including Flipkart, Gojek, Grasshopper, ThoughtWorks, Housing.com and Scripbox among others.
CEO Bansal said the acquisition will add great capability to Navi’s ambitions of building cutting-edge technology platforms that can take applications to scale. “This acquisition will add to Navi’s technology capabilities,” he said.
Bansal and Agarwal registered BAC Acquisitions in Bengaluru in December 2018, and the company was later rebranded to Navi. The company helps develop platforms to optimise business automation and computerisation of processes across sectors.
According to BAC Acquisitions’ regulatory filings of January 2019 accessed by Inc42, the company wants to acquire, maintain, develop and make available tech-driven products for providing services for data processing, data entry, customer relationship management, communications, data analysis, social, gaming, design, cloud computing and other services.
Last year, Bansal infused $7 Mn (INR 50 Cr) into BAC Acquisitions to invest in new ventures. According to media reports, Bansal was also in discussion with at least five tech startups in various early stages.
The company’s portfolio includes milk and dairy delivery startup MilkBasket, dockless bike sharing companies Vogo and Bounce, Electronics maker boAt. Navi or BAC Acquisitions has invested $2.9 Mn in BoAt, $4.45 Mn in Bounce, $3 Mn in Vogo, and $2.86 Mn in Milkbasket. The company has also invested in investment firms like $25.16 Mn Altico Capital India and IndoStar Capital Finance.
In his personal capacity, Bansal has invested $92 Mn in Ola and $50 Mn to $100 Mn in electric vehicle startup Ather Energy, this year.
