Lightspeed Venture Partners-affiliated funds filed a Schedule 13G reporting a 21.4% beneficial ownership stake in Navan, Inc.’s Class A common stock. The funds collectively hold 49,921,454 shares as of December 31, 2025, based on 233,339,369 shares outstanding as of December 8, 2025.
Individual positions include 23,365,502 shares held by Lightspeed Venture Partners X, 14,859,595 shares by Lightspeed Venture Partners Select II, and 6,134,518 shares by Lightspeed Venture Partners Select III, with several other Lightspeed vehicles holding smaller stakes. All reporting entities are organized in the Cayman Islands and disclaim status as a group.
Positive
None.
Negative
None.
Insights
Lightspeed funds report a sizable but passive 21.4% stake in Navan.
Lightspeed and its affiliated funds disclose beneficial ownership of 49,921,454 Navan Class A shares, representing 21.4% of the company’s common stock as of December 31, 2025. The filing is on Schedule 13G, which is typically used for passive ownership.
The stake is spread across multiple Cayman Islands limited partnerships, led by Lightspeed Venture Partners X with 23,365,502 shares and Lightspeed Venture Partners Select II with 14,859,595 shares. General partner and “ultimate general partner” entities are listed with shared voting and dispositive power but no sole authority.
The ownership percentages are calculated using 233,339,369 Class A shares outstanding as of December 8, 2025, as disclosed in Navan’s Form 10-Q. The reporting persons expressly disclaim group status, and there is no indication in this document of activist intent or transactional activity beyond the ownership disclosure.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
NAVAN, INC.
(Name of Issuer)
Class A Common Stock, par value $0.00000625 per share
(Title of Class of Securities)
639193101
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
Lightspeed Venture Partners X, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
23,365,502.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
23,365,502.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
23,365,502.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
Lightspeed Affiliates X, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
192,885.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
192,885.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
192,885.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.1 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
Lightspeed General Partner X, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
23,558,387.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
23,558,387.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
23,558,387.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.1 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
Lightspeed Ultimate General Partner X, Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
23,558,387.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
23,558,387.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
23,558,387.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.1 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
Lightspeed Opportunity Fund, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,780,989.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,780,989.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,780,989.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
Lightspeed General Partner Opportunity Fund, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,780,989.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,780,989.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,780,989.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
Lightspeed Ultimate General Partner Opportunity Fund, Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,780,989.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,780,989.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,780,989.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.0 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
Lightspeed Strategic Partners I L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
587,965.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
587,965.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
587,965.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.3 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
Lightspeed Strategic Partners General Partner I L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
587,965.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
587,965.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
587,965.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.3 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
Lightspeed Strategic Partners Ultimate General Partner I L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
587,965.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
587,965.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
587,965.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.3 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
Lightspeed Venture Partners Select II, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
14,859,595.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
14,859,595.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
14,859,595.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.4 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
Lightspeed General Partner Select II, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
14,859,595.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
14,859,595.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
14,859,595.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.4 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
Lightspeed Ultimate General Partner Select II, Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
14,859,595.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
14,859,595.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
14,859,595.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.4 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
Lightspeed Venture Partners Select III, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,134,518.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,134,518.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,134,518.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.6 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
Lightspeed General Partner Select III, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,134,518.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,134,518.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,134,518.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.6 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
639193101
1
Names of Reporting Persons
Lightspeed Ultimate General Partner Select III, Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,134,518.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,134,518.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,134,518.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.6 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
NAVAN, INC.
(b)
Address of issuer's principal executive offices:
3045 Park Boulevard, Palo Alto, CA, 94306.
Item 2.
(a)
Name of person filing:
The names of the persons filing this report (collectively, the "Reporting Persons") are:
Lightspeed Venture Partners X, L.P. ("Lightspeed X")
Lightspeed Affiliates X, L.P. ("Lightspeed Affiliates X")
Lightspeed General Partner X, L.P. ("LGP X")
Lightspeed Ultimate General Partner X, Ltd. ("LUGP X")
Lightspeed Opportunity Fund, L.P. ("Opportunity")
Lightspeed General Partner Opportunity Fund, L.P. ("LGP Opportunity")
Lightspeed Ultimate General Partner Opportunity Fund, Ltd. ("LUGP Opportunity")
Lightspeed Strategic Partners I L.P. ("Strategic")
Lightspeed Strategic Partners General Partner I L.P. ("LGP Strategic")
Lightspeed Strategic Partners Ultimate General Partner I L.L.C. ("LUGP Strategic")
Lightspeed Venture Partners Select II, L.P. ("Lightspeed Select II")
Lightspeed General Partner Select II, L.P. ("LGP Select II")
Lightspeed Ultimate General Partner Select II, Ltd. ("LUGP Select II")
Lightspeed Venture Partners Select III, L.P. ("Lightspeed Select III")
Lightspeed General Partner Select III, L.P. ("LGP Select III")
Lightspeed Ultimate General Partner Select III, Ltd. ("LUGP Select III")
The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.
(b)
Address or principal business office or, if none, residence:
c/o Lightspeed Venture Partners
2200 Sand Hill Road
Menlo Park, CA 94025
(c)
Citizenship:
Lightspeed X Cayman Islands
Lightspeed Affiliates X Cayman Islands
LGP X Cayman Islands
LUGP X Cayman Islands
Opportunity Cayman Islands
LGP Opportunity Cayman Islands
LUGP Opportunity Cayman Islands
Strategic Cayman Islands
LGP Strategic Cayman Islands
LUGP Strategic Cayman Islands
Lightspeed Select II Cayman Islands
LGP Select II Cayman Islands
LUGP Select II Cayman Islands
Lightspeed Select III Cayman Islands
LGP Select III Cayman Islands
LUGP Select III Cayman Islands
(d)
Title of class of securities:
Class A Common Stock, par value $0.00000625 per share
(e)
CUSIP No.:
639193101
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Row 9 of each Reporting Person's cover page to this Schedule 13G sets forth the aggregate number of shares of Class A common stock of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference.
The Reporting Persons' ownership of the Issuer's securities includes (i) 23,365,502 shares of Class A common stock directly held by Lightspeed X; (ii) 192,885 shares of Class A common stock directly held by Affiliates X; (iii) 4,780,989 shares of Class A common stock directly held by Opportunity; (iv) 587,965 shares of Class A common stock directly held by Strategic; (v) 14,859,595 shares of Class A common stock directly held by Lightspeed Select II; and (vi) 6,134,518 shares of Class A common stock directly held by Lightspeed Select III. Collectively, the Reporting Persons beneficially own an aggregate of 49,921,454 shares of Class A common stock.
LUGP X serves as the sole general partner of LGP X, which serves as the sole general partner of each of Lightspeed X and Affiliates X. LUGP Opportunity serves as the sole general partner of LGP Opportunity, which serves as the sole general partner of Opportunity. LUGP Strategic serves as the sole general partner of LGP Strategic, which serves as the sole general partner of Strategic. LUGP Select II serves as the sole general partner of LGP Select II, which serves as the sole general partner of Lightspeed Select II. LUGP Select III serves as the sole general partner of LGP Select III, which serves as the sole general partner of Lightspeed Select III.
(b)
Percent of class:
Row 11 of each Reporting Person's cover page to this Schedule 13G sets forth the percentages of the shares of Class A common stock of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference. Collectively, the Reporting Persons beneficially own 21.4% of the common stock of the Issuer. The foregoing percentages are based upon 233,339,369 shares of Class A common stock outstanding as of December 8, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on December 15, 2025.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Row 5 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference.
(ii) Shared power to vote or to direct the vote:
Row 6 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference.
(iii) Sole power to dispose or to direct the disposition of:
Row 7 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference.
(iv) Shared power to dispose or to direct the disposition of:
Row 8 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Lightspeed Venture Partners X, L.P.
Signature:
/s/ Ravi Mhatre
Name/Title:
See Note 1
Date:
02/17/2026
Lightspeed Affiliates X, L.P.
Signature:
/s/ Ravi Mhatre
Name/Title:
See Note 1
Date:
02/17/2026
Lightspeed General Partner X, L.P.
Signature:
/s/ Ravi Mhatre
Name/Title:
By Lightspeed Ultimate General Partner X, Ltd., its General Partner, By Ravi Mhatre, Director
Date:
02/17/2026
Lightspeed Ultimate General Partner X, Ltd.
Signature:
/s/ Ravi Mhatre
Name/Title:
By Ravi Mhatre, Director
Date:
02/17/2026
Lightspeed Opportunity Fund, L.P.
Signature:
/s/ Ravi Mhatre
Name/Title:
See Note 2
Date:
02/17/2026
Lightspeed General Partner Opportunity Fund, L.P.
Signature:
/s/ Ravi Mhatre
Name/Title:
By Lightspeed Ultimate General Partner Opportunity Fund, Ltd., its General Partner, By Ravi Mhatre, Director
Date:
02/17/2026
Lightspeed Ultimate General Partner Opportunity Fund, Ltd.
Signature:
/s/ Ravi Mhatre
Name/Title:
By Ravi Mhatre, Director
Date:
02/17/2026
Lightspeed Strategic Partners I L.P.
Signature:
/s/ Ravi Mhatre
Name/Title:
See Note 3
Date:
02/17/2026
Lightspeed Strategic Partners General Partner I L.P.
Signature:
/s/ Ravi Mhatre
Name/Title:
By Lightspeed Strategic Partners Ultimate General Partner I L.L.C., its General Partner, By Ravi Mhatre, Director
Date:
02/17/2026
Lightspeed Strategic Partners Ultimate General Partner I L.L.C.
Signature:
/s/ Ravi Mhatre
Name/Title:
By Ravi Mhatre, Director
Date:
02/17/2026
Lightspeed Venture Partners Select II, L.P.
Signature:
/s/ Ravi Mhatre
Name/Title:
See Note 4
Date:
02/17/2026
Lightspeed General Partner Select II, L.P.
Signature:
/s/ Ravi Mhatre
Name/Title:
By Lightspeed Ultimate General Partner Select II, Ltd., its General Partner, By Ravi Mhatre, Director
Date:
02/17/2026
Lightspeed Ultimate General Partner Select II, Ltd.
Signature:
/s/ Ravi Mhatre
Name/Title:
By Ravi Mhatre, Director
Date:
02/17/2026
Lightspeed Venture Partners Select III, L.P.
Signature:
/s/ Ravi Mhatre
Name/Title:
See Note 5
Date:
02/17/2026
Lightspeed General Partner Select III, L.P.
Signature:
/s/ Ravi Mhatre
Name/Title:
By Lightspeed Ultimate General Partner Select III, Ltd., its General Partner, By Ravi Mhatre, Director
Date:
02/17/2026
Lightspeed Ultimate General Partner Select III, Ltd.
Signature:
/s/ Ravi Mhatre
Name/Title:
By Ravi Mhatre, Director
Date:
02/17/2026
Comments accompanying signature: Note 1: By Lightspeed General Partner X, L.P., its General Partner, By Lightspeed Ultimate General Partner X, Ltd., its General Partner, By Ravi Mhatre, Director
Note 2: By Lightspeed General Partner Opportunity Fund, L.P., its General Partner, By Lightspeed Ultimate General Partner Opportunity Fund, Ltd., its General Partner, By Ravi Mhatre, Director
Note 3: By Lightspeed Strategic Partners General Partner I L.P., its General Partner, Lightspeed Strategic Partners Ultimate General Partner I L.L.C., its General Partner, By Ravi Mhatre, Director
Note 4: By Lightspeed General Partner Select II, L.P., its General Partner, By Lightspeed Ultimate General Partner Select II, Ltd., its General Partner, By Ravi Mhatre, Director
Note 5: By Lightspeed General Partner Select III, L.P., its General Partner, By Lightspeed Ultimate General Partner Select III, Ltd., its General Partner, By Ravi Mhatre, Director
What percentage of Navan (NAVN) does Lightspeed report owning?
Lightspeed-affiliated funds report beneficially owning 21.4% of Navan’s common stock. They hold 49,921,454 shares of Class A common, with the percentage calculated using 233,339,369 shares outstanding as of December 8, 2025, as disclosed in Navan’s Form 10-Q.
How many Navan (NAVN) shares does each major Lightspeed fund hold?
Lightspeed Venture Partners X holds 23,365,502 Navan Class A shares. Lightspeed Venture Partners Select II holds 14,859,595 shares, and Lightspeed Venture Partners Select III holds 6,134,518 shares, with additional holdings by Lightspeed Affiliates X, Opportunity, and Strategic funds in smaller amounts.
Is Lightspeed’s Navan (NAVN) ownership reported as passive or active?
The ownership is reported on Schedule 13G, which is generally used for passive stakes. The filing lists multiple Lightspeed funds and related general partners as reporting persons and expressly states they disclaim status as a “group” under applicable rules.
What is the share count used to calculate Lightspeed’s 21.4% Navan stake?
The 21.4% ownership is based on 233,339,369 Class A shares outstanding. This share count is taken from Navan’s Quarterly Report on Form 10-Q, which reported that number of outstanding Class A common shares as of December 8, 2025.
Which Lightspeed entity has the largest individual Navan (NAVN) position?
Lightspeed Venture Partners X, L.P. holds the largest single position. It directly owns 23,365,502 shares of Navan Class A common stock, representing 10.0% of the class, with voting and dispositive power shared through its associated general partner entities.
Where are the Lightspeed entities that hold Navan (NAVN) shares organized?
All listed Lightspeed funds and general partner entities are organized in the Cayman Islands. The filing specifies Cayman Islands as the citizenship or place of organization for each reporting person, including the main venture funds, opportunity fund, strategic fund, and select funds.
