By Brazil Stock Guide – Brazilian car-rental startup Turbi has raised R$156 million (US$28 million) in a funding round anchored by Itaú Unibanco (B3: ITUB4) and joined by Japan’s Credit Saison, Bloomberg reported. The capital will help the São Paulo-based company expand nationwide and prepare for a potential initial public offering after a period of rapid growth in Brazil’s largest city, where rental revenues rose 35% and the fleet jumped 64% in the second quarter to 5,800 vehicles.
The deal marks a rare show of confidence from a major lender in Brazil’s startup sector, pressured by the Selic rate at 15% and higher funding costs. “The agreement helps us access international credit markets in the future,” said Mario Liao, Turbi’s chief financial officer. Investor relations director Eduardo Portelada added that Itaú’s backing could pave the way for further partnerships and potentially serve as “a warm-up for a future IPO.”
CEO Daniel Prado said Turbi aims to reduce its leverage ratio of five to six times Ebitda by selling an equity stake in the next quarter. Competing with Localiza (B3: RENT3), Movida (B3: MOVI3), and Unidas, the startup offers hourly rentals instead of traditional daily contracts — a model it hopes will sustain growth even as high interest rates squeeze the broader mobility market.