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Turo withdrew ipo’s plans on Thursday, ending a three -year wait to bring the online car sharing network to the public market According to the regulatory announcementOr
Founded in 2010, Turo allows owners of private cars to rent their vehicles via the Startup website or their application. The company, sometimes described as Airbnb, was publicly submitted publicly for an initial public offer in January 2022, but IPO conditions soon changed. His growth also slowed down.
Turo’s decision to complete the IPO plans arrives only one day after the Peer-to-Peer-sharing company Getaround stopped the United States. Like Turo, he started his life as a company supported by the Getaround company. Unlike Turo, Getaround returned to the public market in 2022 through the merger of a special purchase company.
Turo continues to operate in the United States – and elsewhere. Since September 2024, the company reported that it has 150,000 active hosts globally, with 350,000 active vehicle lists and 3.5 million active guests. The company also operates in Canada, Australia and France.
Andre Haddad, CEO of Turo, said in an E -Mailes statement: “The board decided to do a public offer for Turo right now.”
Haddad noted that Turo’s strong performance in 2020 increased to $ 150 million in 2024 to $ 958 million in 2024 and referred to the company’s future investment plans.
“We are planning to take advantage of our company’s plans to remain privately owned to make important investments in business, which will increase long -term value for all interested parties,” he said. “Our relentless concentration for our hosts and guests has made it possible for us to surpass all competitors in this area and become leaders in all markets (USA, Canada, France, Australia and the UK). ””
While the company’s revenue was constantly climbing, its growth rate slowed down.
The company was $ 469 million in 2021, an increase of 213% compared According to regulatory notifications-In 2022, revenue again found $ 746.6 million, but lower by 59% compared to the same period last year. Revenue increased to $ 879.7 million in 2023, up 18% compared to the same period last year.
The company has been profitable at $ 154.7 million since 2022, although this result fell to $ 14.7 million in 2023. The company did not announce full annual results by 2024.
In other words, the business venture was built in 2023, and then built in 2024, but not quite to the IPO dream levels.
