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Navan acquires India-based TMC as part of global growth

Navan – formerly TripActions – has made its fifth acquisition in two years, this time picking up Tripeur, a travel and expense management company based in India.

Terms of
the acquisition are not being disclosed.

Founded in 2015, Tripeur provides a unified travel and expense solution for corporate travel.

In a statement announcing the acquisition, Navan co-founder and CEO Ariel Cohen said the company
has “spearheaded the transformation of the Indian travel market from offline to online, so this acquisition enables Navan to immediately solve for local obstacles, such as direct connections to local low-cost carriers and automated GST [goods and
service tax] reconciliation of employee expenses.”

to the World Bank
, India is one of the fastest growing economies in the world. It’s also one of the top countries per capita for mobile data usage, and according to Phocuswright,
mobile bookings in India
are expected to account for 73% of all bookings by 2025.

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Navan senior vice president of product Jannik Waessa said that growth and shift to mobile makes India an ideal market for the company to enter to capture new business, and the acquisition will also enable it to better serve existing Navan

“We see a lot of our customers … having a multinational presence, and with that India is one of the markets where we see a lot of our customer base having local operations,” he said.

“So there is a certain need from our
existing customer base of building out a proper solution for India.” Navan cited clients such as Unilever, Adobe and Thomson Reuters that need a global solution.

Waessa said Tripeur’s “deep understanding and deep expertise” in India and its
local inventory, technology and support will be integrated with Navan’s platform. The Tripeur team will become part of Navan and, for now, the Tripeur brand will remain.

In the past two years, Navan has acquired Atlanta
Events & Corporate Travel Consultants
, Sweden-based travel
management company Resia
, Berlin-based
and Reed
& Mackay

When asked about plans for future acquisitions, Waessa said, “The idea is obviously to move into a more and more global solution and with that there is certainly the possibility for future acquisitions, but nothing concrete we can
share at this point in time.”

Last fall there were reports the company had filed
confidentially to go public
. A few weeks later, the company raised $304
million in Series G funding
, and then in December it picked up $400
million in credit facilities

When asked about the status of plans to go public, Waessa said, “IPO depends on a lot of different market conditions. Everybody has been aware of what’s going on in the markets, so in the end it very much depends
on how the markets evolve.”

Some of Navan’s December credit funding, as well as a past
credit round
, came from the failed Silicon Valley Bank, which has now been bought by First Citizens Bank. In mid-March, Cohen
participated in a PhocusWire LinkedIn “Let’s Hear It” audio event
about the Silicon Valley Bank collapse and what it may mean for travel startups.

Listen to the full discussion below.

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