Turo, an online car-sharing service, has withdrawn its IPO plans after a three-year wait due to unfavorable market conditions and slowed growth. Founded in 2010, Turo allows private car owners to rent their vehicles, similar to Airbnb's model. Despite an active user base of 150,000 hosts and experiencing a revenue increase in 2024, the company has not been able to return to its peak performance from 2022. Its decision to halt the IPO process follows the closure of competitor Getaround's U.S. operations, indicating broader challenges in the car-sharing market.
Turo has withdrawn its IPO plans after three years, reflecting a shift in market conditions and its stalled growth.
Turo's decision followed the recent closure of Getaround's U.S. operations, a sign of the difficulties faced in the peer-to-peer car-sharing sector.
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