Navan, the California-based business travel, payments and expense management platform, has filed to go public.
The company, which was launched by CEO Ariel Cohen and co-founder Ilan Twig in 2015 under the name TripActions, plans to list its shares on the Nasdaq under the symbol ‘NAVN’.
According to the S-1 filing, its revenue grew 33% year-on-year from $402 million in the 2024 financial year to $537 million in fiscal 2025.
Navan, which acquired Reed & Mackay in May 2021, reported a net loss that fell 45% from $332 million in fiscal 2024 to $181 million in fiscal 2025. Gross margin improved from 60% to 68% over the same period.
The filing also said around half of Navan’s interactions are being handled by its AI virtual assistant, Ava.
In the IPO filing letter, the company’s co-founders said: “Being all in on generative AI has paid off. We now deliver trip options so personalised that the average booking time is seven minutes, compared to the industry average of 45.
“Our AI-enabled support agents act as a personal concierge, helping travellers make changes on the fly, collect receipts, and call hotels to notify them of late check-ins or ensure payment methods are on file.”
They added: “We’re just getting started. Business needs change, technology evolves, and we will evolve with it, surprising with new features and tackling future obstacles before they even arise. We’re thinking big. Really big.”
The filing continues: “We saw firsthand the frustration of clunky, outdated systems. Travellers were forced to cobble together solutions, wait for hours on hold to book or change travel, and negotiate with travel agents. They struggled to adhere to company policies, with little visibility into those policies, and after all that, they spent even more time on tedious expense reports after a trip.
“We felt the pain of finance teams struggling to gain visibility into fragmented travel spending and to enforce policies, and the frustration of suppliers unable to connect directly with the high-value business travellers they sought to serve.”
In May, Reuters reported that an IPO could value Navan at more than $8 billion.
The IPO comes as Reed & Mackay CEO Fred Stratford gets set to retire in October after 13 years with the company. He will be replaced by Nina Herold, currently Chief Operating Officer of parent company Navan.
Herold joined Reed & Mackay at the beginning of August and will officially assuming the role of CEO on October 1.
