Marti Launches Taxi-Hailing Service as Its Sixth Urban Transportation Modality
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Insights
The introduction of Marti's taxi-hailing service presents a significant milestone in the urban mobility landscape of Türkiye. The strategic expansion into taxi services complements Marti's existing offerings and taps into a substantial market, as indicated by McKinsey & Company's estimation of the taxi market size in Türkiye. The decision to waive commission fees for drivers during the pilot phase could incentivize driver participation, potentially leading to a robust network effect that enhances service availability and customer satisfaction.
Looking at the broader market, the entry of Marti into the taxi-hailing space may increase competitive pressures on traditional taxi services and other ride-hailing competitors. This could lead to market consolidation or drive innovation as players strive to maintain or grow their market shares. The projected growth of the ride-hailing market by 2030 suggests a significant opportunity for Marti to establish a strong foothold and possibly influence market dynamics, including pricing strategies and service quality standards.
From a financial perspective, the expansion into taxi-hailing could be a strategic move by Marti to diversify its revenue streams and capitalize on the existing user base of 4.7 million unique riders. The service's pilot launch in Istanbul, a major urban center, allows Marti to test the waters in a high-demand environment. The lack of commission fees could initially impact Marti's revenue, but this move may be aimed at quickly gaining market share and driver adoption, which in the long-term could translate into a larger customer base and increased rideshare volume.
The market size projections for 2030 highlight the potential for significant revenue growth in the ride-hailing sector. Investors and stakeholders should monitor Marti's user and driver growth metrics, customer retention rates and the eventual introduction of commission fees, as these will be critical indicators of the service's financial viability and impact on the company's overall profitability.
The launch of Marti's taxi-hailing service could have broader economic implications for urban transportation in Türkiye. By integrating multiple modes of transport into a single application, Marti is positioning itself as a key player in the multi-modal transportation ecosystem, potentially improving urban mobility and reducing reliance on private vehicle ownership. This aligns with global trends towards shared economy and could contribute to reduced traffic congestion and lower carbon emissions, aligning with sustainability goals.
However, the impact on the existing taxi industry should be considered. The increase in driver availability through Marti's platform may lead to greater price competition and a shift in market share from traditional taxi services to platform-based services. This could affect the livelihoods of traditional taxi drivers and raise questions about regulatory responses to ensure fair competition and labor protections in the evolving ride-hailing market.
Marti’s taxi-hailing service enables Marti’s riders to hail taxis over its mobile application. The launch of the service follows and complements the growth of the company’s car-hailing service which was launched in October 2022. Marti launched the taxi-hailing service as a result of observing numerous taxi drivers using its ride hailing service to receive ride requests from Marti’s over 4.7 million unique riders. The pilot service launch is being conducted in
Since its October 2022 launch, Marti’s ride-hailing service has reached over 610,000 unique riders and over 125,000 registered drivers. In contrast, there are 19,016 taxis serving the city of
McKinsey & Company, a consultancy group, estimates the taxi market size in Türkiye at
About Marti:
Founded in 2018, Marti is Türkiye’s leading mobility app, offering multiple transportation services to its riders. Marti operates a ride-hailing service that matches riders with car motorcycle and taxi drivers, and operates a large fleet of rental e-mopeds, e-bikes, and e-scooters. All of Marti’s offerings are serviced by proprietary software systems and IoT infrastructure. For more information, visit www.marti.tech.
Cautionary Note Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, also known as the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this press release that are not statements of historical fact and generally relate to future events, hopes, intentions, strategies, or performance may be deemed to be forward-looking statements, including but without limitation statements regarding the anticipated growth, including the number of riders and registered drivers of the ride-hailing and taxi-hailing businesses, the expected future performance and market opportunities of Marti, the ride-hailing and taxi-hailing businesses. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “might,” “possible,” “believe,” “predict,” “potential,” “continue,” “aim,” “strive,” and similar expressions may identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expressed or implied forwarding-looking statements, including, but not limited to: (i) the effect of the public listing of our securities on our business relationships, performance, financial condition and business generally, (ii) risks that the business combination may disrupt our current plans or divert management’s attention from our ongoing business operations, (iii) the outcome of any legal proceedings that may be instituted against us or our directors or officers related to the business combination or otherwise, (iv) our ability to maintain the listing of our securities on the NYSE American, (v) volatility in the price of our securities due to a variety of factors, including without limitation changes in the competitive and highly regulated industries in which we plan to operate, variations in competitors’ performance and success and changes in laws and regulations affecting our business, (vi) our ability to implement business plans, forecasts, and other expectations, and identify opportunities, (vii) the risk of downturns in the highly competitive tech-enabled mobility services industry, (viii) our ability to build our brand and consumers’ recognition, acceptance and adoption of our brand, (ix) the risk that we may not be able to effectively manage our growth, including our design, research, development and maintenance capabilities, (x) technological changes and risks associated with doing business in an emerging market, (xi) risks relating to our dependence on and use of certain intellectual property and technology and (xii) and other important factors discussed under the caption “Risk Factors” in the Company’s preliminary prospectus filed with the Securities and Exchange Commission (the “SEC”) on July 31, 2023, as such factors may be updated from time to time in the Company’s other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investors Relations section of Company’s website at https://ir.marti.tech. Any investors should carefully consider the risks and uncertainties described in the documents filed by the Company from time to time with the SEC as most of the factors are outside the Company’s control and are difficult to predict. As a result, the Company’s actual results may differ from its expectations, estimates and projections and consequently, such forward-looking statements should not be relied upon as predictions of future events. The Company cautions not to place undue reliance upon any forward-looking statements, including projections, which speak only as to management expectations and beliefs as of the date they are made. The Company disclaims any obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.
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Investor Contact
Marti Technologies, Inc.
Turgut Yilmaz
investor.relations@marti.tech
Source: Marti Technologies, Inc.
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