Turo, the innovative online car-sharing platform, has officially withdrawn its plans for an initial public offering (IPO), according to a recent regulatory filing. The company, which allows private car owners to rent out their vehicles via its website or app, had been poised to enter the public marketplace for over three years. Despite retracting its IPO plans, Turo maintains a robust presence in the United States and continues to operate internationally in Canada, Australia, and France.
Founded in 2010, Turo has displayed consistent growth across its operations. For the nine months ending September 2024, the company reported $722 million in revenue, marking an 8.6% increase from the same period in 2023. In 2022, Turo's revenue reached $879.7 million, demonstrating its financial strength and appeal within the car-sharing sector. Notably, Turo has been profitable on a net income basis since 2022.
The decision to withdraw from the IPO process comes after Turo publicly filed for it in January 2022. However, the company's plans were put on hold shortly thereafter. This development has not deterred Turo from maintaining a strong global footprint, with 150,000 active hosts and 350,000 vehicle listings on its platform as of September 2024. Additionally, Turo boasts a customer base of 3.5 million active guests worldwide, underscoring its substantial market reach.
Turo's strategic decision to delay its market debut reflects its focus on solidifying and expanding its operations rather than pursuing immediate public financing. This approach may allow the company to strengthen its infrastructure and customer offerings further before re-evaluating public market opportunities.
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