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Itaú Backs Turbi's $29M Note Issuance as Car-Rental Startup Eyes IPO
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Heartspace News Desk
•Source: Bloomberg.com
Photo by Ferran Feixas on Unsplash
TL;DR
Turbi, a Brazilian car rental startup based in São Paulo, obtained a 156 million-real local note issuance led by Itaú Unibanco to fund expansion and prepare for a possible IPO. Turbi's car rental revenue rose 35% in the second quarter, and the company will use the new funds to increase its fleet from 5,800 to 7,000 vehicles.
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Key takeaways
- Brazilian car rental startup Turbi has secured a 156 million-real ($29 million) local note issuance, according to a Bloomberg report
- Itaú Unibanco Holding SA anchored the funding, which will support Turbi's expansion within Brazil and preparations for a potential initial public offering (IPO)
- Based in São Paulo, Turbi has experienced rapid growth
Brazilian car rental startup Turbi has secured a 156 million-real ($29 million) local note issuance, according to a Bloomberg report. Itaú Unibanco Holding SA anchored the funding, which will support Turbi's expansion within Brazil and preparations for a potential initial public offering (IPO).
Based in São Paulo, Turbi has experienced rapid growth. Second-quarter car rental revenue increased by 35% year-over-year, and the company's fleet expanded by 64% to 5,800 vehicles. The new capital will be used to further increase Turbi's fleet to approximately 7,000 vehicles.
Related Topics
TurbiItaú Unibancocar rentalfundingIPOBrazilLatin America
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