SK Holdings-backed car-sharing marketplace Turo confidentially files for US IPO

Parked cars in a street in Hanoi, Vietnam. Photo: Vinh Dao

Daimler AG-backed car-sharing marketplace Turo Inc confidentially filed paperwork with regulators on Monday for a U.S. initial public offering, seeking to take advantage of the country’s red-hot capital markets.

The company’s platform allows car owners in 5,500 cities across the United States, Canada and the United Kingdom to rent out their vehicles. It has over 450,000 listed cars ranging from pick-up trucks and minivans to luxury options such as Lamborghini, Rolls-Royce and Porsche.

Several other venture-funded companies in the automobile space, including SoftBank-backed Full Truck Alliance and self-driving truck startup TuSimple Holdings, have also gone public this year.

Companies typically file IPO paperwork confidentially to sort out any potential issues in their financial reporting with the regulators behind closed doors. It also allows companies to shield their finances from competitors for a longer time.

Turo‘s business boomed during COVID-19 lockdowns last year as people preferred car rentals over public transportation and air travel. Now as pandemic-related restrictions ease, it is benefiting from pent-up demand for travel.

The company, which is led by former EBay Inc executive Andre Haddad, raised $92 million in 2017 in a funding round co-led by Daimler and South Korea’s SK Holdings.

Its other backers include Alphabet Inc’s venture capital arm, GV, and IAC – the internet media company from which Match.com and OkCupid were spun off.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.