Toro Plans for Public subscription

On Thursday, Turro withdrew its plans for public subscription, and ends the waiting for a period of three years to bring the online auto participation network to the public market, According to an organizational deposit.

Turro, founded in 2010, allows car owners to rent their cars through a startup site or application. The company – sometimes described as Airbnb for cars – was publicly presented in January 2022 to obtain a preliminary general offer, but the general subscription conditions Change Soon after. Its growth Slowalso.

Toro’s decision to end public subscription plans comes just one day after Getaround Closed. Like Turo, Getaround has started life as a project backed by the project. Unlike Turo, Getaround restored a jump to the public market in 2022 through a merged process with a special purpose acquisition company.

Turo is still working in the United States – and other places. As of September 2024, the company reported that it had 150,000 active hosts worldwide, with 350,000 active vehicles and 3.5 million active guests. The company also operates in Canada, Australia and France.

However, its peak growth is now behind it. The company has reached 722 million dollars in nine months September 2024 endedAn increase of 8.6 % of the same period of nine months in 2023. However, these numbers fail for the booming period for nine months in 2022 when it achieved the revenues of $ 879.7. Likewise, the company has been profitable since 2022 on net income, but as with its revenues, the profits were not recovered to the highlands reported in 2022.

In other words, the works were moved in 2023, then it was regained in 2024, but not completely for the levels necessary for the public subscription dream.