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.
“It is not the time for Toro now to follow a public offer.”
Haddad referred to the strong Turro’s performance, with revenue increasing $ 150 million in 2020 to $ 958 million in 2024 and hinted at the company’s investment plans for the future.
He said: “We are planning to take advantage of our company’s plans to stay in particular in order to carry out important investments in business that will build a long -term value for all stakeholders.” “We enabled our focus unabated on creating an amazing experience for our hosts and our guests to outperform all competitors in this field and we have become a pioneer in all the markets in which we work (the United States, Canada, France, Australia, and the United Kingdom)”
While the company’s revenues rose steadily, its growth rate slowed.
The company has reported revenues of $ 469 million in 2021, which represents 213 % growth year due to a set of factors, including a batch of the Covid-19 pandemic, According to the organizational stadiums. Revenue emerged again in 2022 to 746.6 million dollars, but in a lesser year on an annual basis by 59 % compared to the previous year. In 2023 revenues increased to 879.7 million dollars, which represents 18 % growth on an annual basis.
The company has been profitable since 2022 on net income at 154.7 million dollars, although this result decreased to 14.7 million dollars in 2023. The company did not reach the results of the entire year for 2024.
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.
