Navan Cuts 5 Percent of Workforce in 'Move Toward Profitability'

Navan has reduced the size of its global workforce by 5 percent "to increase operations efficiencies," a company spokesperson confirmed to BTN.

The staff reductions at Navan, the former TripActions, were first reported this week by The Information, which said the layoffs affected about 145 people. The spokesperson said that while the company "has recorded strong growth over the past three years despite the challenges affecting our industry," it is "refocusing our efforts to move faster toward profitability as we enter the next phase of the company."

Navan has been long-rumored to be planning an initial public offering, having reportedly filed confidential paperwork for the move more than a year ago. Business Insider in August reported that Navan CEO Ariel Cohen is eying April 2024 for an IPO, citing a confidential source.