{
 "company": "navan",
 "as_of": "2026-10-01",
 "choices": [
  {
   "id": "navan-p01",
   "business": "Corporate travel booking and management",
   "category": "product",
   "dimension": "Initial job",
   "statement": "TripActions started as a booking product for frequent business travelers, after the founders found corporate booking 'painfully antiquated, requiring hours of frustration to complete simple reservations'.",
   "event_date": "2015-05-15",
   "date_precision": "day",
   "evidence_kind": "participant_account",
   "sources": [
    "NV6"
   ]
  },
  {
   "id": "navan-g01",
   "business": "Corporate travel booking and management",
   "category": "go_to_market",
   "dimension": "First venture round",
   "statement": "A $14.6 million Series A came from Zeev Ventures and Lightspeed; Oren Zeev had put $50,000 into the founders in 2013 [NV40].",
   "event_date": "2016-01",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "NV3"
   ]
  },
  {
   "id": "navan-p02",
   "business": "Corporate travel booking and management",
   "category": "product",
   "dimension": "Consumer inventory",
   "statement": "The booking tool drew inventory from consumer and distribution partners, with partnerships signed with Expedia, Priceline and Sabre by October 2017.",
   "event_date": "2017-10",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "NV19"
   ]
  },
  {
   "id": "navan-p03",
   "business": "Corporate travel booking and management",
   "category": "product",
   "dimension": "Savings rewards",
   "statement": "Travelers who chose a cheaper option than policy allowed received rewards such as a $100 Amazon gift card.",
   "event_date": "2017-10",
   "date_precision": "month",
   "evidence_kind": "company_described_offering",
   "sources": [
    "NV19"
   ]
  },
  {
   "id": "navan-g02",
   "business": "Corporate travel booking and management",
   "category": "go_to_market",
   "dimension": "Early customers",
   "statement": "Early customers included Box, OpenGov and Bowers & Wilkins; travel budget under management grew 18 times year over year.",
   "event_date": "2017-10",
   "date_precision": "month",
   "evidence_kind": "participant_account",
   "sources": [
    "NV19"
   ]
  },
  {
   "id": "navan-p04",
   "business": "Corporate travel booking and management",
   "category": "product",
   "dimension": "Price to beat",
   "statement": "Each city carried a hotel 'price to beat'; employees booking below it earned gift cards or vacation credit.",
   "event_date": "2018-03",
   "date_precision": "month",
   "evidence_kind": "company_described_offering",
   "sources": [
    "NV8"
   ]
  },
  {
   "id": "navan-g03",
   "business": "Corporate travel booking and management",
   "category": "go_to_market",
   "dimension": "Booking fee",
   "statement": "TripActions charged companies $20 per booking and also earned hotel and other supplier commissions.",
   "event_date": "2018-03",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "NV8"
   ]
  },
  {
   "id": "navan-g05",
   "business": "Corporate travel booking and management",
   "category": "go_to_market",
   "dimension": "Europe",
   "statement": "Offices in London and Amsterdam opened the European business.",
   "event_date": "2018-07",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "NV3"
   ]
  },
  {
   "id": "navan-p16",
   "business": "Corporate travel booking and management",
   "category": "product",
   "dimension": "Agent environment",
   "statement": "TripActions agents worked in its own software, which merged booking records from Sabre, Expedia, Priceline and Booking.com into one trip, so a change to one leg flagged the parts of the trip it affected.",
   "event_date": "2018-08-22",
   "date_precision": "day",
   "evidence_kind": "participant_account",
   "sources": [
    "NV57"
   ]
  },
  {
   "id": "navan-g21",
   "business": "Corporate travel booking and management",
   "category": "go_to_market",
   "dimension": "Fee structure",
   "statement": "Cohen described a platform fee, a customer success fee and one booking fee that covered as many agent contacts as a traveler needed, with no surcharge for calling an agent.",
   "event_date": "2018-08-22",
   "date_precision": "day",
   "evidence_kind": "participant_account",
   "sources": [
    "NV57"
   ]
  },
  {
   "id": "navan-p07",
   "business": "Corporate travel booking and management",
   "category": "product",
   "dimension": "Airline content",
   "statement": "After Delta briefly blocked its fares in early 2019, TripActions adopted the airline's Next Generation Storefront display standard.",
   "event_date": "2019",
   "date_precision": "year",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "NV9"
   ]
  },
  {
   "id": "navan-p05",
   "business": "Corporate travel booking and management",
   "category": "product",
   "dimension": "Personalization and speed",
   "statement": "Machine learning ranked options for each traveler, and the company claimed a six-minute average booking.",
   "event_date": "2019-06",
   "date_precision": "month",
   "evidence_kind": "company_described_offering",
   "sources": [
    "NV9"
   ]
  },
  {
   "id": "navan-g04",
   "business": "Corporate travel booking and management",
   "category": "go_to_market",
   "dimension": "Per-trip fee",
   "statement": "The company charged $25 per trip and earned secondary commissions from hotel and flight partners; it served 2,000 customers with $1.1 billion of trip budgets.",
   "event_date": "2019-06",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "NV9"
   ]
  },
  {
   "id": "navan-g06",
   "business": "Corporate travel booking and management",
   "category": "go_to_market",
   "dimension": "Growth capital",
   "statement": "A $250 million round led by Andreessen Horowitz valued TripActions at $4 billion; Cohen said the aim was to 'accelerate our growth'.",
   "event_date": "2019-06",
   "date_precision": "month",
   "evidence_kind": "participant_account",
   "sources": [
    "NV9"
   ]
  },
  {
   "id": "navan-p06",
   "business": "Corporate travel booking and management",
   "category": "product",
   "dimension": "Live agents",
   "statement": "Human travel agents answered 24 hours a day by chat, email and phone, responding on average in under 60 seconds.",
   "event_date": "2019-08",
   "date_precision": "month",
   "evidence_kind": "company_described_offering",
   "sources": [
    "NV2"
   ]
  },
  {
   "id": "navan-p08",
   "business": "Expense management and corporate cards",
   "category": "product",
   "dimension": "Liquid card",
   "statement": "TripActions Liquid launched: a Visa card tied to the booking platform that switches on automatically when an employee is on a work trip and reconciles bookings and payments in one place.",
   "event_date": "2020-02-25",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "NV10"
   ]
  },
  {
   "id": "navan-g07",
   "business": "Corporate travel booking and management",
   "category": "go_to_market",
   "dimension": "COVID cuts",
   "statement": "TripActions laid off 296 people, mainly in recruiting, marketing and travel support, while keeping most of R&D.",
   "event_date": "2020-03",
   "date_precision": "month",
   "evidence_kind": "participant_account",
   "sources": [
    "NV43"
   ]
  },
  {
   "id": "navan-p09",
   "business": "Expense management and corporate cards",
   "category": "product",
   "dimension": "Out-of-system spend",
   "statement": "During the shutdown the product team built safety and budget tools and used Liquid to track travel spend booked outside the system.",
   "event_date": "2020-04",
   "date_precision": "month",
   "evidence_kind": "participant_account",
   "sources": [
    "NV17"
   ]
  },
  {
   "id": "navan-g08",
   "business": "Corporate travel booking and management",
   "category": "go_to_market",
   "dimension": "Pandemic financing",
   "statement": "Greenoaks and Vista Credit led $125 million of convertible debt; the company held $350 million in cash.",
   "event_date": "2020-06",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "NV16"
   ]
  },
  {
   "id": "navan-g09",
   "business": "Corporate travel booking and management",
   "category": "go_to_market",
   "dimension": "Reed & Mackay",
   "statement": "TripActions bought Reed & Mackay, a London agency founded in 1962 serving executive travelers in 50+ markets, its first acquisition.",
   "event_date": "2021-05-05",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "NV38"
   ]
  },
  {
   "id": "navan-g10",
   "business": "Corporate travel booking and management",
   "category": "go_to_market",
   "dimension": "European roll-up",
   "statement": "Comtravo (Germany), Resia (Sweden) and Atlanta (Spain) followed Reed & Mackay within 18 months.",
   "event_date": "2022-11-08",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "NV39"
   ]
  },
  {
   "id": "navan-g12",
   "business": "Expense management and corporate cards",
   "category": "go_to_market",
   "dimension": "Card funding",
   "statement": "TripActions arranged $400 million of credit facilities to fund card accounts; Liquid revenue, from interchange and subscriptions, grew 4.2 times.",
   "event_date": "2022-12-08",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "NV30"
   ]
  },
  {
   "id": "navan-g13",
   "business": "Corporate travel booking and management",
   "category": "go_to_market",
   "dimension": "Free startup plan",
   "statement": "A free startup plan covered up to 50 monthly active users; the Travel Only plan charged $25 to reach a live agent.",
   "event_date": "2023-01",
   "date_precision": "month",
   "evidence_kind": "company_described_offering",
   "sources": [
    "NV29"
   ]
  },
  {
   "id": "navan-p10",
   "business": "Corporate travel booking and management",
   "category": "product",
   "dimension": "Rebrand",
   "statement": "TripActions renamed itself Navan, and Liquid became Navan Expense.",
   "event_date": "2023-02",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "NV3"
   ]
  },
  {
   "id": "navan-g11",
   "business": "Corporate travel booking and management",
   "category": "go_to_market",
   "dimension": "India",
   "statement": "Navan acquired Tripeur, a Bangalore travel and expense platform.",
   "event_date": "2023-04",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "NV3"
   ]
  },
  {
   "id": "navan-p17",
   "business": "Expense management and corporate cards",
   "category": "product",
   "dimension": "Navan Connect",
   "statement": "Navan Connect reconciled expenses in real time on a company's existing Visa or Mastercard corporate cards, so customers could use Navan Expense without switching card issuer.",
   "event_date": "2023-06-12",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "NV58"
   ]
  },
  {
   "id": "navan-g16",
   "business": "Corporate travel booking and management",
   "category": "go_to_market",
   "dimension": "Revenue mix",
   "statement": "About 90% of revenue was usage-based (supplier commissions and booking fees, a take rate of about 7% of gross bookings) and about 10% subscription.",
   "event_date": "2025-01-31",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "NV1"
   ]
  },
  {
   "id": "navan-g17",
   "business": "Expense management and corporate cards",
   "category": "go_to_market",
   "dimension": "Card volume",
   "statement": "Payment volume on Navan cards reached $3.7 billion in fiscal 2025; 36% of customers used three or more products.",
   "event_date": "2025-01-31",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "NV1"
   ]
  },
  {
   "id": "navan-p11",
   "business": "Corporate travel booking and management",
   "category": "product",
   "dimension": "Navan Cloud",
   "statement": "Navan runs its own aggregation layer, Navan Cloud, combining distribution systems, low-cost carriers and direct supplier connections into one real-time inventory.",
   "event_date": "2025-07",
   "date_precision": "month",
   "evidence_kind": "company_described_offering",
   "sources": [
    "NV49"
   ]
  },
  {
   "id": "navan-p14",
   "business": "Expense management and corporate cards",
   "category": "product",
   "dimension": "Expense workflow",
   "statement": "Expense management offered receipt capture, approval workflows, policy enforcement and ERP integrations with NetSuite, SAP and Workday.",
   "event_date": "2025-07",
   "date_precision": "month",
   "evidence_kind": "company_described_offering",
   "sources": [
    "NV1"
   ]
  },
  {
   "id": "navan-p12",
   "business": "Corporate travel booking and management",
   "category": "product",
   "dimension": "AI support",
   "statement": "About half of customer interactions in the six months to July 2025 were handled by AI, alongside 24/7 live chat and phone service.",
   "event_date": "2025-07-31",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "NV49"
   ]
  },
  {
   "id": "navan-g22",
   "business": "Expense management and corporate cards",
   "category": "go_to_market",
   "dimension": "Land in travel, expand",
   "statement": "The S-1 describes landing a customer in travel and expanding into payments, expense, meetings and other offerings, with net revenue retention above 110% at January 2024 and 2025; expense subscriptions were about 10% of revenue.",
   "event_date": "2025-09-19",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "NV65"
   ]
  },
  {
   "id": "navan-g18",
   "business": "Corporate travel booking and management",
   "category": "go_to_market",
   "dimension": "IPO",
   "statement": "Navan listed on Nasdaq at $25, raising $923 million at about $6.7 billion fully diluted, 27% below its 2022 private price.",
   "event_date": "2025-10-30",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "NV44"
   ]
  },
  {
   "id": "navan-g20",
   "business": "Corporate travel booking and management",
   "category": "go_to_market",
   "dimension": "Commissioned ROI study",
   "statement": "A Navan-commissioned Forrester study reported 16% travel savings and a customer that consolidated several regional travel agencies onto Navan.",
   "event_date": "2025-11-20",
   "date_precision": "day",
   "evidence_kind": "company_described_offering",
   "sources": [
    "NV45"
   ]
  },
  {
   "id": "navan-g23",
   "business": "Corporate travel booking and management",
   "category": "go_to_market",
   "dimension": "Visa win",
   "statement": "Visa moved its global travel program to Navan from CWT; Cohen said Visa chose Navan because 'the old model no longer works for global enterprises'.",
   "event_date": "2025-12-15",
   "date_precision": "day",
   "evidence_kind": "participant_account",
   "sources": [
    "NV56"
   ]
  },
  {
   "id": "navan-p13",
   "business": "Corporate travel booking and management",
   "category": "product",
   "dimension": "Ava agent",
   "statement": "The Ava AI agent handled about 60% of customer interactions in the quarter, including rebooking stranded travelers and changing hotels.",
   "event_date": "2026-07",
   "date_precision": "month",
   "evidence_kind": "participant_account",
   "sources": [
    "NV35"
   ]
  },
  {
   "id": "navan-g19",
   "business": "Corporate travel booking and management",
   "category": "go_to_market",
   "dimension": "Enterprise push",
   "statement": "Navan served 50 S&P 500 companies and said enterprise RFPs tripled in the first half of 2026.",
   "event_date": "2026-07",
   "date_precision": "month",
   "evidence_kind": "participant_account",
   "sources": [
    "NV35"
   ]
  },
  {
   "id": "navan-p15",
   "business": "Corporate travel booking and management",
   "category": "product",
   "dimension": "Engine partnership",
   "statement": "Navan integrated Engine's infrastructure to add group bookings and extended stays to its platform.",
   "event_date": "2026-09-08",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "NV46"
   ]
  },
  {
   "id": "navan-g14",
   "business": "Corporate travel booking and management",
   "category": "go_to_market",
   "dimension": "Free travel for smaller firms",
   "statement": "For companies up to 300 employees travel booking is free: 'Navan is powered by travel providers' commission fees'.",
   "event_date": "2026-10-01",
   "date_precision": "day",
   "evidence_kind": "company_described_offering",
   "sources": [
    "NV28"
   ]
  },
  {
   "id": "navan-g15",
   "business": "Expense management and corporate cards",
   "category": "go_to_market",
   "dimension": "Expense pricing",
   "statement": "Expense is free for five users, then $15 per user per month.",
   "event_date": "2026-10-01",
   "date_precision": "day",
   "evidence_kind": "company_described_offering",
   "sources": [
    "NV28"
   ]
  }
 ]
}