Marti’s Ride-Hailing Service Reaches Over 452,000 Riders and Over 100,000 Registered Drivers, Once Again Exceeding Revised 2023 Year End Targets Half a Month Earlier Than Planned

Rhea-AI Summary

Marti Technologies, Inc. (MRT) has surpassed its 2023 year-end targets for ride-hailing business, with over 452,000 unique riders and over 100,000 registered drivers as of December 11, 2023. The company has set new targets for over 700,000 riders and over 120,000 registered drivers by March 31, 2024. Marti's ride-hailing service operates in over 20 cities across Türkiye, including Istanbul, Antalya, and Izmir. With over 100,000 registered drivers, Marti is able to offer widespread availability across the city of Istanbul, with 4.2 times as many registered drivers as taxis serving the city. McKinsey & Company estimates the potential size of the Turkish ride-hailing market in 2030 at $15 billion to $20 billion.

Marti sets targets for over 700,000 riders and over 120,000 registered drivers by March 31, 2024

ISTANBUL--(BUSINESS WIRE)-- Türkiye’s leading mobility super app Marti Technologies, Inc. (“Marti” or the “Company”) (NYSE American: MRT) has once again outperformed its 2023 year end expectations for its ride-hailing business, hitting over 452,000 unique riders and over 100,000 registered drivers as of December 11, 2023, half a month earlier than planned.

Marti’s number of ride-hailing riders grew 19% from November 14, 2023 to December 11, 2023. The number of registered drivers grew 11% during the same time period. The faster than forecasted 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.

As previously reported in its 2023 first half yearly results, Marti had originally set targets of 375,000 unique riders and 80,000 registered drivers for its ride-hailing business by 2023 year end and then revised those targets in mid-November to 450,000 unique riders and 100,000 registered drivers after exceeding the original targets. As of December 11, 2023, Marti has met the revised targets, a half month earlier than the 2023 year end.

Encouraged by the growth in its rider and driver bases in its ride-hailing business, Marti has set targets for over 700,000 riders and over 120,000 registered drivers by March 31, 2024.

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

Of Marti’s over 100,000 registered drivers, over 80,000 are in Türkiye’s largest city, Istanbul. This is in contrast to 19,016 taxis serving the city. With 4.2 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.

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 and motorcycle 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 March 31, 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 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.

FAQ

How many unique riders and registered drivers did Marti Technologies, Inc. (MRT) have as of December 11, 2023?

As of December 11, 2023, Marti had over 452,000 unique riders and over 100,000 registered drivers.

In how many cities does Marti's ride-hailing service operate?

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

What are the new targets set by Marti for riders and registered drivers by March 31, 2024?

Marti has set targets for over 700,000 riders and over 120,000 registered drivers by March 31, 2024.

What is the potential size of the Turkish ride-hailing market in 2030 according to McKinsey & Company?

McKinsey & Company estimates the potential size of the Turkish ride-hailing market in 2030 at $15 billion to $20 billion.