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Sensor Tower · Seema Shah · October 2023
MMM: Turo IPO Rumored Before End of 2023
A bustling IPO market has sparked rumors of peer-to-peer car sharing service Turo going public before year-end. ST mobile app downloads and MAUs have historically been accurate predictors of Turo’s reported net revenue and gross bookings value as reported in the company’s various S-1 filings.
Key Takeaways:
With the IPO market beginning to display signs of life, peer-to-peer car sharing service, Turo, has once again revved up its public listing aspirations. Turo’s reported 2Q23 Net Revenue and Gross Bookings Value (GBV) increased 15% and 17% YoY, respectively, inline with growth in ST mobile app downloads for Turo (+17% YoY)
As of 3Q23, ST data indicates that downloads of the Turo app increased 13% YoY (vs +50% YoY in 3Q22 and +100% YoY in 3Q21). Although Turo is still seeing double-digit YoY growth in downloads, growth has decelerated significantly
Turo boasts significantly more MAUs than its direct competitor (Getaround) and popular rental car apps. As of 3Q23, Turo had roughly 1.2mn mobile app MAUs compared to <285k for apps in the car rental cohort
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