Navan IPO (Tripactions): Everything We Know In 2023

Navan, previously known as TripActions, is an online travel platform that helps businesses book and manage travel expenses, track travel itineraries, modify trip reservations, and more.

Founded in 2015, Navan has helped more than 7,000 companies with their travel needs. Some of its more notable customers include Pinterest, Lyft, Lime, and Allbirds.

Sitting at an impressive valuation of $12 billion, an IPO (Initial Public Offering) seems imminent. This article discusses everything you need to know about Tripactions IPO or Navan IPO (as they are now known), including funding rounds, expected IPO date, and valuation.

What Is Navan?

Navan is a London-based "all-in-one" travel app that provides thousands of global businesses the ability to manage their travel plans and expenses. It simplifies the booking, searching, and reporting process, saving companies valuable time, money, and effort.

Thanks to its intuitive and easy-to-use UI, the company reports a 97% adoption rate and 93% satisfaction rate. It sources flights and hotels from third-party partners like Priceline, Booking, and Expedia, and narrows down the best possible booking option based on company type, expenses, and travel policies.

Navan's rates are often cheaper than corporate pre-negotiated deals because Navan uses its volume discounts from third-party sources.

Brief History of Navan

As with most successful businesses, Navan started off as a passion project.

Throughout his years of organising and funding business trips, Ariel Cohen—co-founder and CEO of Navan—had always struggled with planning and managing his travel expenses. He wanted to somehow "gamify" the business travel booking industry and make travel management and planning a seamless one.

Thus, Navan—or rather TripActions, as it was originally named—was born.

TripActions faced its fair share of setbacks. As it primarily dealt with corporations and businesses, the company has a much smaller target group, limiting its market reach.

But Cohen wasn't anything if not resilient. Within a few short years, TripActions proved itself to be revolutionary. It was—and still is—the only travel company offering full management control and visibility for CFOs.

During its nine years of operation, TripActions expanded its offices in nine cities across the world. Apart from the UK, it now has locations in the US, Germany, Australia, Netherlands, and Ireland.

Today, TripActions' valuation is believed to be around $12 billion after securing a funding round of $400 million. Its estimated annual revenue is sitting at $340.6 million per year.

From TripActions to Navan: The Reason Behind the Rebrand

TripActions changed its company name to Navan on February 7, 2023. It adopted a new logo, formatting, and messaging system, and added a new category of business software called Business Software Designed for People.

Navan's executives view the rebrand as an important step on the road to an IPO.

Unlike TripActions, Navan— a combination of Navigate and Avant—is focused on innovation rather than business travel. Instead of serving companies and corporations, Navan aims to provide value to the people.

Navan has yet to reveal its future plans. Currently, Navan works much the same as TripActions: it allows people to search and book trips, cancel or change flights, book hotels, submit expenses, etc.

The implementation of AI-powered business software designed for people is still in progress, but Navan promises to exceed user expectations once it's fully fleshed out.

When Is Navan's Expected Initial Public Offering (IPO) Date?

Navan has yet to announce an official IPO date publicly. However, Business Insider reports that the company confidentially filed to go public sometime in 2023, with Goldman Sachs handling the listing.

Navan initially planned to go public in 2019 following a $500 million funding round led by Andreessen Horowitz. But due to COVID-19, the plans were pushed back until market value stabilised.

A company spokesman has been interviewed about a potential IPO date, but their lips remained tightly sealed about timelines and plans. They confirmed Navan's plans to go public, but wouldn't comment further.

Navan Funding Rounds (2015 to 2022)

Navan has raised approximately $1.6 billion over 16 rounds, with the most recent being $300M on December 8, 2022.

How Does Navan Make Money?

Navan makes money from package fees, third-party commissions, and TripActions Liquid.

Navan offers three packages for its customers: Travel Only, Travel and Expense, and Professional.

Travel Only is targeted towards corporations interested in travel management and nothing else. Travel and Expense Plan, also known as Growth Plan, is aimed at businesses with 100 employees. Conversely, Professional is made for businesses with more than 100 employees.

The Travel Only Plan is free for up to 50 users but charges a $25 fee for every extra employee added. It offers travel booking, flight and hotel deals, custom travel policies, self-serve changes and cancellations, and event services.

The Travel and Expense package is much more comprehensive, offering everything in the Travel Only Package plus cashback, expense management, access to virtual and physical cards, and more.

The Professional Package is the most feature-heavy, offering international card issuing, VIP traveller support, corporate negotiated rates, and more.

Navan has yet to reveal how much it earns from third-party commissions, but experts believe it's anywhere between 20 to 25% of the company's total revenue. The same is said with the virtual and physical card program TripActions Liquid, which is partnered up with Stripe.

Final Thoughts

Navan's IPO date is yet to be revealed, though experts estimate the company to go public sometime in 2023. At the time of writing, Navan is valued at $12 billion. Find out everything else in the Navan Pre-IPO Brochure.

View Brochure.

The information in this article is well-researched and factual. Still, it contains opinions also, and IT IS NOT FINANCIAL ADVICE and should not be interpreted as such, do not make any financial decisions based on the information in this article; we are not financial advisors. We are journalists. You should always consult with a professional before making any investment decisions. We hold no stock or interests in any of the Companies discussed on this website/app.