Marti’s Ride-Hailing Service Reaches Over 1,300,000 Riders and Over 205,000 Registered Drivers, Exceeding September 30, 2024 Targets of Over 1,300,000 Riders and Over 190,000 Registered Drivers a Month Earlier Than Planned

Rhea-AI Summary

Marti Technologies (NYSE American: MRT), Türkiye's leading mobility super app, has exceeded its September 30, 2024 targets for ride-hailing service a month early. As of August 31, 2024, Marti has reached over 1,300,000 riders and over 205,000 registered drivers, surpassing the original targets of 1,300,000 riders and 190,000 drivers. The company has set new targets for September 30, 2024: over 1,350,000 riders and over 215,000 registered drivers.

Marti's ride-hailing service has shown significant growth, with an 18% increase in riders and a 21% increase in registered drivers from June 30 to August 31, 2024. In Istanbul alone, Marti has over 167,000 registered drivers, 8.5 times more than the city's 19,845 taxis. The company emphasizes safety with formal background checks for drivers, who maintain an average rating of 4.8 out of 5 stars.

Positive

• Exceeded September 30, 2024 targets for riders and drivers a month early
• 18% growth in riders and 21% growth in registered drivers from June 30 to August 31, 2024
• Over 167,000 registered drivers in Istanbul, 8.5 times more than city taxis
• Average driver rating of 4.8 out of 5 stars
• Potential Turkish ride-hailing market size estimated at $15-20 billion by 2030

Negative

• Currently not enabling online payment or charging fees for the service

Insights

Market Research Analyst

Marti's rapid growth in ride-hailing services indicates a strong market demand in Türkiye. Exceeding targets a month early, with an 18% increase in riders and 21% in drivers over two months, suggests robust adoption. The company's 8.5x driver advantage over taxis in Istanbul positions it well for market dominance.

The potential market size of $15-20 billion by 2030 represents a significant opportunity. However, the current lack of online payments and service fees raises questions about Marti's monetization strategy. This growth-first approach may be effective for market capture but could impact profitability in the short term.

Financial Analyst

While Marti's growth metrics are impressive, the lack of monetization details is concerning. The company isn't currently charging fees or enabling online payments, which raises questions about revenue generation and path to profitability. The large market opportunity of $15-20 billion by 2030 is promising, but without a clear monetization strategy, it's difficult to assess the company's financial prospects.

Investors should closely monitor Marti's plans to introduce fees and online payments, as these will be important for translating user growth into revenue. The company's ability to maintain growth while implementing monetization will be a key indicator of long-term success.

Tech Expert

Marti's success in rapidly scaling its ride-hailing platform demonstrates strong technological capabilities in managing a two-sided marketplace. The high driver rating of 4.8/5 suggests effective algorithms for matching and quality control. However, the absence of online payments is a significant technological gap that needs addressing.

The company's ability to outpace traditional taxis in driver numbers indicates effective digital onboarding and verification processes. As Marti expands, it will need to focus on platform scalability, data security and integrating payment systems to fully leverage its technological potential and compete with global ride-hailing giants.

Marti sets revised September 30, 2024 targets for over 1,350,000 riders and over 215,000 registered drivers

ISTANBUL--(BUSINESS WIRE)-- Marti Technologies, Inc. (“Marti” or the “Company”) (NYSE American: MRT), Türkiye’s leading mobility super app, announced today that as of August 31, 2024, Marti’s ride-hailing service has reached over 1,300,000 riders and over 205,000 registered drivers, exceeding the September 30, 2024 targets of over 1,300,000 riders and 190,000 registered drivers.

Marti’s number of ride-hailing riders grew 18% from June 30, 2024 to August 31, 2024. The number of registered drivers grew 21% during the same time period. The fast growth in both the rider and driver sides of Marti’s ride-hailing marketplace demonstrates the strong need for the service across Türkiye. The service intends to provide readily available, safe, and affordable rides for riders, while providing economic opportunities for drivers across the income spectrum.

Encouraged by the growth in the rider and driver bases of its ride-hailing business, Marti has set targets for over 1,350,000 riders and over 215,000 registered drivers by September 30, 2024.

Of Marti’s over 205,000 registered drivers, over 167,000 are in Türkiye’s largest city, Istanbul. This is in contrast to 19,845 taxis serving the city. With 8.5 times as many registered drivers as taxis serving the city of Istanbul, Marti is able to offer widespread availability across the city. Furthermore, Marti’s drivers undergo formal background checks before acceptance onto the service, thereby contributing to rider safety. The average rating of Marti’s ride-hailing drivers by riders is 4.8 out of 5 stars.

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 $9 billion to $12 billion as of 2021. Further, under the “Disruptive Scenario 2030”, ride-hailing is expected to increase the size of the taxi market by offering cheaper and more convenient rides. McKinsey & Company estimates the potential size of the Turkish ride-hailing market in 2030 at $15 billion to $20 billion^(*).

^(*) 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240903747069/en/

Investor Contact

Marti Technologies, Inc.

Turgut Yilmaz

investor.relations@marti.tech

Source: Marti Technologies, Inc.

FAQ

How many riders and drivers does Marti's ride-hailing service have as of August 31, 2024?

As of August 31, 2024, Marti's ride-hailing service has over 1,300,000 riders and over 205,000 registered drivers.

What are Marti's (MRT) new targets for riders and drivers by September 30, 2024?

Marti has set new targets of over 1,350,000 riders and over 215,000 registered drivers by September 30, 2024.

How does the number of Marti's registered drivers compare to taxis in Istanbul?

Marti has over 167,000 registered drivers in Istanbul, which is 8.5 times more than the city's 19,845 taxis.

What is the average rating of Marti's ride-hailing drivers?

The average rating of Marti's ride-hailing drivers by riders is 4.8 out of 5 stars.