SÃO PAULO / LONDON (IT BOLTWISE) – Brazilian car sharing startup Turbi has secured a local bond of 156 million real to finance its expansion and prepare for a possible IPO. The company has seen impressive growth in São Paulo over the past two years, with sales increasing 35% in the second quarter compared to last year.
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Brazilian startup Turbi, which specializes in hourly car rentals, recently completed a local bond offering of 156 million reals (approximately $29 million). This financing is supported by Itau Unibanco Holding SA and is intended to support the company’s national expansion and prepare for a possible IPO. Turbi has experienced remarkable growth in São Paulo, Brazil’s largest city, over the past two years.
In the second quarter of this year, Turbi reported a 35% increase in revenue compared to last year. This positive development is due to the increasing demand for flexible mobility solutions, which are becoming increasingly popular, especially in urban areas such as São Paulo. The company has expanded its vehicle fleet by 64% to 5,800 vehicles and plans to increase that number to approximately 7,000 vehicles with the new funding.
The support from Itau Unibanco, one of Brazil’s largest banks, is a significant vote of confidence in Turbi and highlights the company’s potential in the growing car sharing market. The trend towards sustainable mobility and the increasing acceptance of car sharing services offer Turbi significant growth opportunities. Experts see the planned expansion and possible IPO as a strategic step to further strengthen Turbi’s market position.
Historically, similar companies in other markets have shown that successful expansion and IPO require significant investments in technology and infrastructure. Turbi is expected to invest in modern technologies to increase the efficiency of its fleet and improve customer service. Integrating AI-powered systems to optimize vehicle distribution and improve user experience could be a crucial factor in the company’s future success.
The car sharing market in Brazil is still in its early stages, but offers enormous potential for growth and innovation. With the support of Itau Unibanco and the planned expansion of its fleet, Turbi is well positioned to benefit from this trend. The possible IPO could not only provide the company with additional financial resources, but also increase its visibility and credibility in the international market.
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