Turo

Turo operates a peer-to-peer car sharing platform. Private vehicle owners, whom the company calls hosts, list their cars on the platform and set availability, pricing and delivery terms; guests book those vehicles directly through Turo's website and apps. Turo does not own the fleet. It earns platform fees charged to hosts and guests on each booking, and it packages the insurance, claims handling, identity verification and payments that make a transaction between two strangers workable.

The company was incorporated as RelayRides, Inc. in Delaware in August 2009, is headquartered in San Francisco, and formally changed its name to Turo Inc. in March 2016 as it shifted away from hourly car sharing towards multi-day rentals that compete more directly with traditional rental counters. It operates in the United States, Canada, the United Kingdom, France and Australia; the French position came from the May 2022 acquisition of OuiCar, and the earlier European footprint from Croove, bought from Daimler in 2017.

Scale, as disclosed in the company's last SEC filing before it abandoned its IPO: approximately 150,000 active hosts, 350,000 active vehicle listings across more than 16,000 cities, and 3.5 million active guests as of 30 September 2024. Gross Booking Value was $2.41 billion in 2023 on 24.4 million Days booked, and $1.98 billion in the first nine months of 2024. Net revenue was $879.7 million in 2023, up 18% on 2022, after 59% growth in 2022 and 213% growth in 2021 as travel rebounded from the pandemic amid a rental-car supply shortage.

Turo reached profitability before it stopped filing: net income of $154.7 million in 2022 (flattered by a $68.7 million tax benefit), $14.7 million in 2023, and $19.4 million in the nine months to 30 September 2024, against net losses in every year through 2021. The economics turn heavily on insurance and host protection costs, which sit inside cost of net revenue and moved materially between periods.

The company filed publicly for an IPO in January 2022, amended the registration statement twelve times over three years, and withdrew it on 13 February 2025 without ever pricing. It cut roughly 150 jobs that April. There is no publicly disclosed primary financing since the Series E-1 closed in September 2019, which makes secondary transactions the practical route to exposure and leaves the last filed capital structure, rather than a recent round, as the reference point for valuation.