Prime Highlights:
- Navan, a business travel and expense management startup, filed for an IPO to list on Nasdaq under the symbol “NAVN.”
- The company reported strong growth with $613 million in revenue over the past 12 months, up 32% from the previous year.
Key Facts:
- Navan serves over 10,000 clients, including companies like Unilever, Adobe, Christie’s, Blue Origin, and Geico.
- The company has raised more than $1.5 billion from investors and was last valued at $9.2 billion.
Key Background:
Navan, a business travel, expense, and payment management startup, filed for an initial public offering (IPO) on Friday. The company plans to list on the Nasdaq under the symbol “NAVN.” The IPO comes as the market for public offerings is starting to pick up again after a slowdown in recent years.
Navan reported $613 million in revenue over the past 12 months, a 32% increase from the previous year, according to its S-1 filing with the Securities and Exchange Commission. The company also reported gross bookings of $7.6 billion, up 34% year-over-year, serving more than 10,000 corporate clients.
Goldman Sachs and Citigroup are set to serve as lead book-running managers for the offering. Navan’s strong performance and innovative approach have earned it a spot on CNBC’s Disruptor 50 list for two consecutive years, ranking No. 39 this year.
Founded in 2015 by CEO Ariel Cohen and co-founder Ilan Twig, the Palo Alto-based company, previously known as TripActions, has positioned itself as an all-in-one platform for corporate travel and expenses. Navan’s clients include well-known companies like Unilever, Adobe, Christie’s, Blue Origin, and Geico.
The company has been improving its services to make travel and expense management easier for its customers. Its virtual assistant, Ava, now manages around 50% of user interactions, while the proprietary AI framework, Navan Cognition, supports its platform operations.
“Navan was built to address the challenges faced by travelers, finance teams, and administrators,” the co-founders stated in the IPO filing. “We saw firsthand the inefficiencies in legacy systems, from time-consuming bookings to complex expense reporting, and aimed to create a seamless solution.”
Despite its growth, Navan is still operating at a loss, which is common for tech startups at the IPO stage. Navan’s net losses fell from $332 million in fiscal 2024 to $181 million in fiscal 2025, while its gross margins improved from 60% to 68%.
The company has raised over $1.5 billion from investors, including Andreessen Horowitz, Coatue, Goldman Sachs, and Lightspeed, and was last valued at $9.2 billion. The IPO gives Navan a chance to grow further in a competitive market alongside companies like Ramp, Brex, TravelPerk, SAP Concur, and American Express Global Business Travel.
