Marti’s Ride-Hailing Service Reaches Over 1,100,000 Riders and Over 170,000 Registered Drivers, Exceeding June 30, 2024 Targets of Over 1,000,000 Riders and Over 165,000 Registered Drivers
Marti Technologies, Türkiye’s leading mobility super app, announced that its ride-hailing service exceeded its June 30, 2024 targets, reaching over 1,100,000 riders and 170,000 registered drivers. This represents a 121% increase in riders and a 60% increase in drivers from December 31, 2023. The company has now set new targets for September 30, 2024: over 1,300,000 riders and 190,000 registered drivers. In Istanbul alone, Marti boasts over 141,000 drivers compared to 19,845 taxis. Marti’s drivers undergo background checks and hold an average rating of 4.8 out of 5 stars. The Turkish ride-hailing market is projected to grow significantly, with McKinsey & Company estimating it could reach $15 billion to $20 billion by 2030.
- Marti exceeded its June 30, 2024 targets with 1,100,000 riders and 170,000 registered drivers.
- The number of riders grew by 121% and drivers by 60% from December 31, 2023 to June 30, 2024.
- New targets set for September 30, 2024 are over 1,300,000 riders and 190,000 registered drivers.
- Significant presence in Istanbul with over 141,000 drivers compared to 19,845 taxis.
- Drivers have an average rating of 4.8 out of 5 stars, indicating high rider satisfaction.
- Marti currently does not enable online payments or charge a fee for its ride-hailing service, potentially missing revenue opportunities.
Insights
Marti Technologies' rapid growth in ride-hailing services, exceeding 1,100,000 riders and 170,000 registered drivers as of June 30, 2024, signals a robust demand for their service. This impressive growth surpasses their initial targets, reflecting successful market penetration. For investors, this rapid expansion can be seen as a positive indicator of potential revenue growth and market share capture.
Financially, this growth could lead to significant future earnings given the large market size. McKinsey's estimate of a
From a market perspective, Marti Technologies' achievements demonstrate a strong competitive edge, particularly in Istanbul where they have over 141,000 registered drivers, compared to the city's 19,845 taxis. This extensive driver base suggests that Marti can provide widespread service coverage, likely enhancing customer satisfaction and loyalty.
Marti's approach to ensuring driver safety through background checks and a high average driver rating of 4.8/5 is a strong differentiator. This could boost customer trust and preference for Marti's services over traditional taxi options. Furthermore, the company's ability to meet and set new targets showcases strong management and operational capabilities.
However, without a current revenue model, the sustainability of this growth is uncertain. Investors should look for future announcements regarding monetization strategies and financial performance metrics.
Technologically, Marti's platform seems to be effective in scaling user and driver numbers quickly, indicating a reliable and user-friendly app experience. The lack of an online payment system, however, could be a limiting factor in user convenience and potential revenue generation. Implementing such features could provide a pathway to monetization, enhancing the overall value proposition.
The McKinsey report suggests a significant growth trajectory for the ride-hailing market, which could be accelerated by technological innovations. Investors should watch for future tech enhancements such as payment integration, dynamic pricing models and improved user interface features that could drive further adoption and profitability.
Marti sets September 30, 2024 targets for over 1,300,000 riders and over 190,000 registered drivers
Marti’s number of ride-hailing riders grew
Encouraged by the growth in the rider and driver bases of its ride-hailing business, Marti has set targets for over 1,300,000 riders and over 190,000 registered drivers by September 30, 2024.
Of Marti’s over 170,000 registered drivers, over 141,000 are in Türkiye’s largest city,
Marti currently does not enable online payment for the service over its app, or charge a fee for the service.
McKinsey & Company, a consultancy group, estimates the taxi market size in Türkiye at
(*) Expectations and targets are not necessarily indicative of future attainment.
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 business, the ride-hailing targets by September 30, 2024, and the expected future performance and market opportunities of Marti and the ride-hailing business. 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 and risks discussed under the caption “Risk Factors” in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission (the “SEC”) on April 16, 2024, as such factors and risks 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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