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Navan CEO Ariel Cohen said the company is “not far” from an IPO, though he noted the timing could be affected by market conditions and geopolitical factors outside the company’s control.
In April, Navan brought back former Chief Revenue Officer Rich Liu as CEO of Navan Travel and appointed former New York Stock Exchange CFO Amy Butte to its board, CNBC reported following an interview with Cohen earlier this week.
Both Liu and Butte have IPO experience.
Reuters reported earlier this month that Navan hired underwriters for an IPO that could value the company at $8 billion. Navan offers travel management, expense and payments services.
Cohen, also a Navan co-founder, has been discussing IPO prospects for several years. In 2022, the company filed confidential IPO paperwork with the aim of going public at a $12 billion valuation.
Business Insider reported in the summer of 2023 that Navan would seek to go public in about a year, subject to market conditions.
Profitability In Sight?
In December 2023, Navan, formerly called TripActions, laid off 5% of its staff as it sought to focus on profitability.
Cohen told CNBC this week that Navan will reach profitability in 2025. He said Navan’s revenue is growing at a 40% clip overall, while its travel business and fintech arms are expanding 30% and 100%, respectively.
Founded in 2015, Navan signed a contract with Citi in 2024 to use Navan Connect, a new product for expense reporting that would be made available to Citi Commercial Bank card holders, CNBC reported.
Cohen said Navan Connect expands the company’s total addressable market, and it’s having discussions with other banks about signing on.
Here’s a video of Navan CEO Ariel Cohen’s appearance on CNBC.
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