Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 194

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 194
---
, we identified four categories of market opportunities: (1) managed and unmanaged business travel management, referred to as the managed and unmanaged categories, (2) bleisure, (3) expense management, and (4) payments. • Business Travel Management. We estimate our revenue opportunity in the business travel management category today to be approximately $86 billion globally across both the managed and unmanaged categories, based on our own monetization of business travel. To arrive at our revenue opportunity, we used the commissioned Euromonitor survey finding a Global Business Travel serviceable addressable market, or SAM, of $1.2 trillion travel spend as of 2024, multiplied by our usage yield of approximately 7% for fiscal 2025. Usage yield represents our ability to convert GBV into usage-based revenue. Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations–How Our Business Works” for more information regarding usage yield. ◦ Managed Opportunity. According to survey results, 35% of the business travel management revenue opportunity was managed as of 2024, including both travel spend through the designated travel management system and off-platform spend that is booked outside of the designated system. Euromonitor estimates that for these companies, approximately 10% of travel is booked outside of managed systems, representing an opportunity to capture additional savings and better manage costs. ◦ Unmanaged Opportunity. According to survey results, 65% of the business travel management revenue opportunity was unmanaged as of 2024. The unmanaged category includes travel spend with no formal system in place to capture and monitor spend. In particular, small and medium-sized businesses, or SMBs, many of which are unmanaged, represent an attractive opportunity for us. According to Euromonitor, this segment is estimated to grow at a 7.1% annualized rate between 2024 and 2029, the fastest of any segment of the business travel market. SMBs also report one of the highest average frequencies of travel per employee. The significant portion of our TAM that is unmanaged and the anticipated increase in SMB travel budgets represent a significant greenfield opportunity for us. Historically, we have been successful in pulling traditionally unmanaged businesses into our platform, and we believe that we are positioned to continue unlocking the unmanaged portion of spend through our sales motion. These customers are driven to our platform by the streamlined experience we provide their travelers and the ease of implementation in their company. We will continue offering more self-service capabilities for unmanaged businesses to