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Turo Withdraws IPO Plans

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a day ago

Summary

Turo withdrew its IPO plans due to decelerated growth and changed market conditions. The company had publicly filed for an IPO in January 2022, but its growth slowed down soon after. Turo's decision comes just a day after peer-to-peer car-sharing company Getaround shut down its U.S. operations.

Key Points

Turo reported $722 million in revenue for the nine months ended September 2024, an increase of 8.6% from the same period in 2023.
The company has been profitable since 2022 on net income, but profits have not recovered to the heights Turo reported in 2022.
Turo operates in the United States, Canada, Australia, and France, with 150,000 active hosts globally, 350,000 active vehicle listings, and 3.5 million active guests.

Why It Matters

Turo's withdrawal of its IPO plans highlights the challenges faced by companies in the car-sharing industry, particularly those that have struggled to maintain growth rates.

Author

Kirsten Korosec

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