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Turo on Thursday withdrew its plans for an IPO , end a three - class time lag to bring the online car - sharing web to the public marketplace , according to a regulative filing .
Turo , which was founded in 2010 , allows secret car proprietor to lease out their vehicles through the inauguration ’s web site or app . The company — sometimes delineate as the Airbnb for cars — publicly file in January 2022 for an initial public offering , but IPO conditionschangedsoon afterward . Its growthdecelerated , too .
Turo ’s determination to end its IPO plans come just one day after equal - to - peer car - share company Getaroundshut down its U.S. operations . Like Turo , Getaround begin life-time as a venture - backed company . Unlike Turo , Getaround made the leaping back onto the public market in 2022 via a merger with a special purpose acquisition company .
Turo is still operating in the United States — and elsewhere . As of September 2024 , the company report it had 150,000 active hosts globally , with 350,000 active vehicle listings and 3.5 million active guests . The company also operates in Canada , Australia , and France .
Turo CEO Andre Haddad said in an emailed program line the gameboard “ determine now is not the right time for Turo to pursue a public offering . ”
Haddad noted Turo ’s strong performance with receipts growing $ 150 million in 2020 to $ 958 million in 2024 and hinted at the company ’s investment plans for the future .
“ We design to take vantage of our ship’s company ’s plans to remain private in club to make important investment in the occupation that will work up long term economic value for all stakeholders , ” he said . “ Our stern focus on creating an awful experience for our host and guests has enable us to outperform all competitor in this space and we have become the leader in all the markets we operate in ( US , Canada , France , Australia , and the UK ) . ”
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While the company ’s revenue has steady climb , its growth rate has slowed .
The company reported revenue of $ 469 million in 2021 , representing 213 % year - over - class growth due to a combining of factors , including a cost increase from the COVID-19 pandemic , according to regulative filing . Revenue popped again in 2022 to $ 746.6 million , but at a lowly 59 % twelvemonth - over - class maturation compared to the anterior year . Revenue increase in 2023 to $ 879.7 million , make up 18 % year - over - yr emergence .
The ship’s company has been profitable since 2022 on net income at $ 154.7 million , although that result dunk to $ 14.7 million in 2023 . The company has not reported full - year results for 2024 .
In other countersign , business cratered in 2023 , then recovered in 2024 , but not quite to the levels needed for that IPO ambition .
