Turo scraps plans for an IPO

Turo withdrew its plan for an IPO on Thursday, ending three years to bring the online car to the public market, to bring in the public market, According to the filing of a controllerThe

Established in the 21st, the Turo private car owners allowed the startup website or app to rent their vehicles. The agency – sometimes described as AirBNB for cars – was filed publicly for initial public offer in January 2022, but IPO conditions Transformed Soon after Its growth DisappointedToo

Peer-to-Pierre car-division company Gatera round just a day after the turo decided to finish its IPO plan Turn off its US operationThe Like Turo, the Gate Uround began his life as an initiative-backed company. In contrast to the Tur, the Gate Uround jumped into the public market in 2022 by connecting with a special purpose acquisition agency.

Turo is still in the United States – and is working somewhere else. Until September 2021, the company reported that it has 150,000 active hosts worldwide, with 350,000 active vehicles list and 3.5 million active guests. The company also operates in Canada, Australia and France.

However, its top growth is now behind it. The company has reported $ 722 million in nine months Ended on September 2024In 2021, the same nine months is 5..6% higher than the duration of the nine months. Nevertheless, these numbers go back to the nine -month -old period in 2022 when it generates the income $ 879.7. Similarly, the company has been profitable on net income since 2022, but like its income, profit has not been restored to the height of the height that Turo has reported in 2022.

In other words, the business was credited in 2023, then recovered in 2024, but that IPO is not enough at the level required for the dream.