IPO’s TURO scrap plan

TURO on Thursday withdrew its IPO plans, ended its three-year wait, bringing its online car sharing network to the public marketplace. According to regulatory submissions.

Founded in 2010, Turo will allow private car owners to rent vehicles through the startup website or app. The company is sometimes called the Airbnb car, but it was made public in January 2022 for an initial public offering, but IPO conditions It has been changed Soon after that. The growth Decelerationtoo.

TURO’s decision to end the IPO plan comes one day after peer-to-peer car sharing company GetAround Closes US business. Like Turo, Getaround began his life as a venture support company. Unlike Turo, GetAround jumped into the open market in 2022 through a merger with a special purpose acquisition company.

Turo is still open in the US. As of September 2024, the company reported that it had 150,000 active hosts worldwide, with a list of 350,000 active vehicles and 3.5 million active guests. The company also operates in Canada, Australia and France.

But that peak growth is now behind it. The company reported $722 million in nine months Ends September 2024an increase of 8.6% from the same nine months in 2023. Still, these figures generated $879.7 in revenue during Turo’s fast-growing nine-month period in 2022. Similarly, the company has made profits in net profits since 2022, but like its revenue, its profits have not recovered to Hightss Turo, reported in 2022.

In other words, business acquired the crater in 2023 and recovered in 2024, but not at all at the level required for that IPO dream.