'SK Investment' US Car Sharing Company Turo Files IPO Application on New York Stock Exchange

[Photo by Reuters-Yonhap News]

[Asia Economy Reporter Park Byung-hee] SK Group's investment company SK Inc. invested in the U.S. peer-to-peer car sharing company Turo in 2017. On the 9th (local time), major foreign media reported that Turo submitted its initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC).

Turo was founded in 2010 and is headquartered in San Francisco, California, USA. It operates a platform service that allows individuals who own vehicles in the U.S., Canada, the UK, and other countries to rent their cars to third parties. Currently, more than 450,000 vehicles are registered on Turo, including pickup trucks, minivans, and Lamborghinis.

In 2017, Turo raised $92 million (approximately 105.5 billion KRW) in investment, with SK participating alongside Germany's Daimler and others. Alphabet's venture capital arm GV and internet media company IAC also invested in Turo. It is known that Turo has raised over $500 million in total funding to date.

Since COVID-19, car sharing services like Turo have experienced a boom, as people are reluctant to use public transportation due to concerns about infection.

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