$9 billion travel tech firm Navan on track to hit profitability this year and 'not far' from IPO, CEO says

Asked about when Navan would choose to go public, the firm's CEO and co-founder Ariel Cohen said the company is close to reaching that milestone.

Last month saw Navan announce the return of Rich Liu, formerly Navan's chief revenue officer and "an expert on scaling companies from seed to IPO and beyond," to the business as CEO of Navan Travel, the company's travel division. "The market can collapse. There are elections in the U.S. There are wars. So I never actually promise things to people if I don't know that the delivery is in my control," he added.

Cohen said he's also keeping a wary eye on the market — but added that although, previously, investors would have seen a company like his as dependent on buoyant market sentiment surrounding technology, today he sees the firm as "mature enough" to go public independent of the market backdrop.Navan is now growing revenues by around 40% on average, according to Cohen, with the company's fintech business seeing faster growth than its travel business .

Navan is backed by major investors including Andreessen Horowitz, Coatue, Goldman Sachs, and Lightspeed. Navan has raised more than $1.5 billion in venture funding to date and was last valued at $9.2 billion. It competes with Spanish startup TravelPerk, which was most recently valued at $1.4 billion.

Source: News Formal (newsformal.com)

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