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Navan, formerly TripActions, buys Indian competitor
Apr 6, 2023
Illustration: Shoshana Gordon/Axios
Travel and expense management company Navan acquired Tripeur, an Indian business operating in the same field.
Why it matters: The deal gives Navan, formerly known as TripActions, a boost in the world's fifth-largest economy.
Context: The acquisition, Navan's fifth in two years, is typical of the company's playbook — acquiring a similar player in a new market, giving itself a stronger foothold.
- In May 2021, it acquired high-end travel agency Reed & Mackay in the U.K. from private equity firm Inflexion.
- In Febuary 2022, Navan acquired Comtravo in Germany and Resia in Sweden.
- Late last year, it acquired Atlanta Events & Corporate Travel Consultants, bolstering its focus on Spain.
Details: Navan CEO Ariel Cohen sees enormous potential growth from doubling down on India. The company estimates the country's travel market is worth $35 billion and sees it beginning to come online.
- "If you told me three years ago that our customers would demand we provide a completely online solution in India, I wouldn’t have believed it," Cohen writes in a blog post today.
Of note: Tripeur was backed by investors including Better Capital, Incubate Fund and Pentathlon Advisors.
