Marti’s Ride Hailing Service Reaches Over 380,000 Riders and Over 90,000 Registered Drivers, Exceeding 2023 Year End Targets a Month and a Half Earlier Than Planned

Rhea-AI Summary

Marti Technologies, Inc. (NYSE American: MRT) has exceeded its year-end targets for riders and registered drivers, demonstrating a significant growth in its ride-hailing service. With over 380,000 riders and 90,000 registered drivers, surpassing the forecasted 375,000 riders and 80,000 registered drivers, Marti has set revised targets for 450,000 riders and 100,000 registered drivers by December 31, 2023. This growth reflects the increasing demand for ride-hailing services in Türkiye, with the company currently operating in over 20 cities across the country.

Positive

• Marti has exceeded its year-end targets for riders and registered drivers, demonstrating significant growth in its ride-hailing service.
• The company's ride-hailing service has grown 206% in the number of riders and 120% in the number of registered drivers from June 30, 2023, to November 14, 2023.

Negative

• None.

Marti Sets Revised Year End Targets for Over 450,000 Riders and Over 100,000 Registered Drivers

ISTANBUL--(BUSINESS WIRE)-- Marti Technologies, Inc. (“Marti” or the “Company”) (NYSE American: MRT), Türkiye’s leading mobility super app and only multi-modal urban mobility provider, announced today that as of November 14, 2023, Marti’s ride-hailing service has reached over 380,000 riders and over 90,000 registered drivers. These figures have already exceeded the year end targets of 375,000 riders and 80,000 registered drivers which Marti set in June 30, 2023, and have been achieved a month and a half earlier than planned.

Marti’s ride-hailing service currently operates in over 20 cities across Türkiye, including Istanbul, Antalya, and Izmir.

Of Marti’s over 90,000 registered drivers, over 70,000 are in Türkiye’s largest city, Istanbul. This is in contrast to 19,016 taxis serving the city. With 3.7 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’s number of ride-hailing riders has grown 206% from June 30, 2023 to November 14, 2023. The number of registered drivers has grown 120% during the same time period. The faster than forecast growth in both the rider and driver sides of Marti’s ride-hailing marketplace demonstrates the increasing need for this service across Türkiye. The ride-hailing 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 its rider and driver bases, Marti has set revised targets for 450,000 riders and 100,000 registered drivers by December 31, 2023.

Marti currently does not enable online payment for the ride-hailing service over its app, or charge a fee for such service.

An article published by consultancy group McKinsey & Company estimates the taxi market size in Türkiye at $9 billion to $12 billion as of 2021. Under the article’s “Disruptive Scenario 2030”, ride hailing is expected to increase the size of the taxi market by offering cheaper and more convenient rides. The article estimates the potential size of the ride hailing market in 2030 at $15 billion to $20 billion.

Source: https://www.mckinsey.com/tr/our-insights/sizing-the-mobility-market-opportunity-in-turkey

About Marti Technologies, Inc.

Founded in 2018, Marti is Türkiye’s leading mobility app, offering multiple transportation services to its riders. Marti has launched a ride hailing service that matches riders with drivers traveling in the same direction and operates a large fleet of 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 full year 2023 updated ride hailing targets, 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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231114453663/en/

Investor Contact

Marti Technologies, Inc.

Turgut Yilmaz

investor.relations@marti.tech

Source: Marti Technologies, Inc.

FAQ

How many riders does Marti currently have?

As of November 14, 2023, Marti has over 380,000 riders.

How many registered drivers does Marti currently have?

As of November 14, 2023, Marti has over 90,000 registered drivers.

In how many cities does Marti operate in Türkiye?

Marti currently operates in over 20 cities across Türkiye, including Istanbul, Antalya, and Izmir.

What are Marti's revised year-end targets for riders and registered drivers?

Marti has set revised targets for 450,000 riders and 100,000 registered drivers by December 31, 2023.

What is the growth percentage of Marti's ride-hailing riders and registered drivers from June 30, 2023, to November 14, 2023?

Marti's ride-hailing riders have grown 206%, and the number of registered drivers has grown 120% during the same time period.

Does Marti enable online payment for the ride-hailing service over its app?

Marti currently does not enable online payment for the ride-hailing service over its app.

What is the estimated taxi market size in Türkiye as of 2021?

An article published by consultancy group McKinsey & Company estimates the taxi market size in Türkiye at $9 billion to $12 billion as of 2021.