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Navan, an expense management startup once known as TripActions, has laid off 5% of its staff, or 145 people, a spokesperson confirmed to TechCrunch today.
The Information first broke the news.
“Navan has recorded strong growth over the past three years despite the challenges affecting our industry,” the spokesperson wrote via email, describing the cuts as a “restructuring.”
She added: “We are refocusing efforts to move faster toward profitability as we enter the next phase of the company. As such, we have made the difficult decision to reduce the size of our global workforce by 5% to increase operational efficiencies as we continue to reinvent travel and expense through innovation.”
In October of 2022, Navan secured $150 million debt and raised $154 million in equity at a post-money valuation of $9.2 billion, up from its prior valuation of $7.5 billion.
That deal came weeks after the Palo Alto-based company was said…
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