Navan to file confidentially for IPO, betting on market reopening

Navan, the Israeli-founded startup that once aimed to disrupt the legacy world of corporate travel, is preparing to take the next step in its transformation: becoming a public company. According to The Information, the company plans to confidentially file for an initial public offering as soon as next week.

The decision follows months of behind-the-scenes preparation. Navan, which began as TripActions, has grown from a scrappy travel booking platform into a sprawling software business that now spans corporate travel, payments, and expense management. Its end-to-end system is pitched as a tech-forward alternative to more traditional providers like American Express Global Business Travel or SAP Concur, with automation and a user-friendly interface at its core.

The company has already lined up a roster of heavyweight underwriters for its IPO, led by Goldman Sachs. While the final timing and valuation remain contingent on market conditions, prior reporting suggests Navan could target a valuation of over $8 billion. That would still trail its last private valuation, $9.2 billion, set in 2022 during a $304 million fundraising round, but in today’s cautious market, such a figure would still be an emphatic vote of confidence.

TripActions was founded in 2015 by Ariel Cohen and Ilan Twig, two veteran Israeli entrepreneurs. The company established an R&D center in Tel Aviv in 2021.

Navan’s investors include some of the most prominent names in venture capital: Andreessen Horowitz, Coatue, Lightspeed, and Goldman Sachs. Its client base includes blue-chip names like Zoom and Lyft.

Should the listing move forward as expected, it would mark one of the highest-profile IPOs in the travel tech sector since the pandemic reshaped global business travel. It also underscores a broader trend: tech companies that weathered 2022's brutal market correction and 2023's cautious recovery are now ready to test the waters once more.