TripActions, a business expense management platform, has raised USD 304 million in funding, comprising a USD 154 million Series G round (from several investors including Andreessen Horowitz and Premji Invest) and a USD 150 million structured financial deal led by Coatue. The round values the company at USD 9.2 billion (up from USD 7.25 billion last October) and brings its total funds raised to USD 1.8 billion. 

The funds will be invested in expanding the company’s global operations. TripActions currently has a workforce of over 2,500 employees. 

The spend volume handled by the platform has reportedly grown by 7.5x over the last quarter, while gross bookings for business travel have risen by more than 5x YoY. 

Analyst Quicktake: The funding comes a few weeks after TripActions filed confidentially to go public in Q2 2023 at a USD 12 billion valuation. This raise, ahead of the potential IPO, is presumably to face the costs of the IPO, provide a buffer in case the IPO timeline needs to be changed, and have strategic investors help guide the company through the IPO process.