Turo retracted its IPO plan on Thursday, ending a three-year wait to bring online car sharing networks to the open market, according to regulatory filings.
Founded in 2010, Turo will allow private car owners to rent vehicles through the startup website or app. The company, sometimes called the Airbnb car, was made public in January 2022 for an initial public offering, but the terms of the IPO changed soon after. That growth has also slowed down.
Turo’s decision to end its IPO plan comes a day after peer-to-peer car sharing company Getaround closed its US operations. 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.
Turo CEO Andre Haddad said in an emailed statement that the board “deems not the right time for Turo to pursue a public recruitment.”
Haddad increased $150 million in 2020 to $958 million in 2024, bringing revenues to $958 million, noting Turo’s strong performance and suggesting future company investment plans.
“We plan to use our company’s plans to make important investments in businesses that build long-term value for all stakeholders,” he said. “The obsessive focus on creating great experiences for hosts and guests allows us to be superior to all competitors in this field, and we operate all the markets (US, He became a leader in Canada, France, Australia, and the UK.”
The company’s revenues have risen steadily, but growth has declined.
The company was reported to have revenue of $469 million in 2021, $469 million in 2021, with a combination of factors including an increase from the Covid-19 pandemic, resulting in a 213% year-on-year increase, according to regulatory filings. represents the growth of Revenues again fell to $746.6 million in 2022, but growth rates were 59% lower than last year. Revenue increased in 2023 to $879.7 million, growing 18% year-on-year.
The company has made profits since 2022 at $154.7 million in net profit, but the result fell to $14.7 million in 2023. The company has not reported full year results for 2024.
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.