Sachin Bansal and Ankit Aggarwal-led Firm Acquihires MavenHive

Navi Technologies, which is operated by Ankit Agarwal and Sachin Bansal, had lately proclaimed an acquihire transaction with Bangalore-headquartered technology consulting company, MavenHive.
  • BY Jaspreet Kaur

    Feature Writer, BusinessEx

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  • Dec 26,2019
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  • 18 Mins Read

Navi Technologies, which is operated by Ankit Agarwal and Sachin Bansal, had lately proclaimed an acquihire transaction with Bangalore-headquartered technology consulting company, MavenHive.

According to a media report, Navi Technologies has stated in its official statement that the MavenHive team will be joining Navi. 

The tech company was initiated by Anandha Krishnan and Bhavin Javia in 2012. It specializes in training as well as end-to-end product development. Its platform deals in system integration, minimum viable product (MVP), web applications and application programming interface integration.

The clientele of technology consulting firm, MavenHive encompasses various other companies throughout the globe--Flipkart, ThoughtWorks, Gojek, Scripbox,, and Grasshopper, to name a few.

“The acquisition will add a great capability to Navi’s ambitions of building cutting-edge technology platforms that can take applications to scale,” Bansal said in an interview with Inc42. 

“This acquisition will add to Navi’s technology capabilities,” Bansal added.

Optimize Business and Online Processes 

In December 2018, Bansal and Agarwal incorporated BAC Acquisitions in Bengaluru and later, the firm was rebranded as Navi. The company aids in improving platforms to optimize business automation, as well as performing online processes, across various segments.

According to the media reports, the cited regulatory filings of the company states that the tech firm seeks to buy, manage, create and make tech-enabled products for rendering services for data processing, customer relationship management, data entry, communications, data analysis, gaming, design, cloud computing, and other additional services.

Portfolio of BAC Acquisitions 

In the previous year, Bansal pumped in INR 50 crore into BAC Acquisitions to infuse in new companies. Further, he was conferring with at most five technology startups, which were operating in several early stages.

The tech firm’s portfolio embodies MilkBasket, milk, and dairy delivery startup, Vogo and Bounce, bike-sharing applications, and boAt, an electronics maker. Bansal-led firm has collectively infused $3 million in Vogo, $4.45 million in Bounce and $2.9 million in boAt and $2.86 million in Milkbasket.

Besides startups, Bansal had also infused money in investment firms through his tech firms such as an aggregate sum of $25.16 million in IndoStar Capital Finance and Altico Capital India.

Separately, Bansal had individually sowed money in $92 million in Ola and $50-$100 million in an electric vehicle, Ather Energy in the present year. 

Other Business Deals 

Recently, Former Flipkart owner acquired a non-banking finance company (NBFC),Chaitanya Rural Intermediation Development Services Private Limited (CRIDS) in September this year. After the acquisition, Bansal designated as the CEO of CRIDS as well.

“Chaitanya is a 10-year-old company with a target of lower-income and rural customers, which will transition into becoming middle class in the next 5-10 years,” Bansal said in an interview with CNBC-TV18.

CRIDS renders monetary support to rural demographics in India. It was initiated by Samit Shetty and Anand Rao in 2009; it operates majorly in the microfinance sector. Besides personal loans, it caters to the needs of two-wheelers procurement, housing, education, and small business. It presently has its bureaus in Jharkhand, Bihar, Uttar Pradesh, Karnataka, and Maharashtra.

“Today, it’s a very strong business, leads in its geographies. Mostly focused on low-income, micro-credit customers. Over time, they’re expanding their portfolio. We’re going to add some digital lending businesses on top of that (micro-financing),” Bansal said in a media interview.

“There is huge under-penetration in the sector, whether it’s a credit-to-GDP ratio or insurance penetration. We can give access to a lot more people in financial services. That’s not happening by existing players and technology can be applied to solve this,” he added.

CRIDS was acquired for a sum of INR 739 crore which, in turn, helped him enter financial services. 

After Bansal’s ouster from Flipkart, he focused on the fintech industry and closed various deals in the sphere all year round. Owing to this, he founded Navi Technologies and consequently, utilized it in merger and acquisition deals viz. acquiring Essel Group, mutual fund business. 

The company backed SME-concentrated online lending platform, U Gro Capital. Furthermore, it bought a debt paper issued for INR 200 Crore by Piramal Group. The investment was primarily done to bet on the financial startup, Piramal Group.

A debt investment in the lending startup, Kissht of INR 50 crore was another sole infusion done by Bansal.

In the previous year, Bansal was in discussions with the central bank to open a banking institution. It alludes to his persistent attempt of setting foot into the finance segment. However, he could not convert his vision into reality.

According to Entrackr, three anonymous sources told that the banking regulator, RBI does not want to grant a banking license to individuals.  

 “RBI likes stability in promoters past businesses. It’s not a big fan of loss-making businesses because it introduces systemic risk like we are seeing with some Banks and NBFCs at the moment,” one of the three sources told the cited media agency. 


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