Marti’s Ride-Hailing Service Reaches Over 925,000 Riders and Over 155,000 Registered Drivers, Exceeding June 30, 2024 Targets a Month and a Half Earlier Than Planned
Marti Technologies, Türkiye’s leading mobility app, announced substantial growth in its ride-hailing service, reaching over 925,000 riders and 155,000 registered drivers as of May 20, 2024. This surpasses its June 2024 targets of 900,000 riders and 155,000 drivers, achieved 1.5 months early. Rider numbers increased by 86% and drivers by 46% from December 2023 to May 2024.
Encouraged by this growth, Marti revised its June 2024 targets to 1,000,000 riders and 165,000 drivers. Notably, over 130,000 of these drivers operate in Istanbul, which has only 19,845 taxis. Marti ensures rider safety through formal background checks, and drivers are rated 4.8 out of 5 stars.
Despite not enabling online payments or charging fees, Marti's ride-hailing service has significantly disrupted the market. McKinsey & Company estimates Türkiye's taxi market at $9-12 billion, with potential growth to $15-20 billion by 2030 due to ride-hailing.
- Marti exceeded its June 2024 targets for riders and drivers by 1.5 months.
- Rider count grew by 86% from December 2023 to May 2024.
- Driver count grew by 46% in the same period.
- Marti revised its targets to 1,000,000 riders and 165,000 drivers by June 2024.
- Over 130,000 drivers operate in Istanbul, vastly outnumbering taxis.
- Drivers undergo formal background checks, enhancing rider safety.
- High driver ratings: average of 4.8 out of 5 stars.
- The Turkish taxi market is projected to grow to $15-20 billion by 2030, spurred by ride-hailing.
- Marti's service demonstrates strong demand across Türkiye.
- Marti does not enable online payments or charge fees, which may limit revenue.
- Rapid growth may strain operational capabilities and service quality.
- Future targets may be challenging to meet given high current growth rates.
- Dependence on a single city (Istanbul) could pose concentration risk.
Insights
Marti's recent achievement of exceeding their rider and driver targets ahead of schedule is a strong indicator of the company's growth trajectory. The significant increase in both rider (86%) and driver (46%) numbers from December 31, 2023 to May 20, 2024 signifies not only a growing user base but also a wider acceptance of their service. This rapid expansion could translate into potential revenue growth, even though Marti currently does not charge fees for the service. Investors should consider the future monetization strategies Marti might employ, such as introducing service fees or enabling online payments, which could substantially increase their revenue streams.
Moreover, McKinsey's projection of the Turkish ride-hailing market growing to $15 billion to $20 billion by 2030 provides a positive long-term outlook for investors. However, the valuation hinges on Marti's ability to maintain its growth rate and successfully monetize its user base.
In the short term, the achievement of targets could boost investor confidence and potentially drive stock price appreciation.
From a market perspective, Marti's rapid growth in a market as competitive as Türkiye's urban mobility sector is noteworthy. The company's ability to surpass its rider and driver targets indicates strong market demand for its services. Marti's extensive reach in Istanbul, with over 130,000 registered drivers compared to 19,845 taxis, highlights its ability to provide widespread availability and disrupt traditional taxi services.
Marti's approach to rider safety, through formal background checks, could be a significant competitive advantage in the market. This factor, combined with high driver ratings (4.8 out of 5 stars), positions Marti as a reliable service provider, which can help in acquiring and retaining users.
In the long term, the company’s revised targets indicate an aggressive growth strategy. However, the absence of monetization strategies like in-app payments is a key drawback that Marti needs to address to capitalize on its growing user base effectively.
Marti’s current lack of online payment capabilities presents both a challenge and an opportunity. Enabling in-app payments could streamline the user experience, making rides more convenient and potentially increasing user retention and satisfaction. Additionally, it could be a significant revenue source through transaction fees.
The scalability of Marti's technology to support a rapidly growing user base is critical. The backend infrastructure must be robust enough to handle the increased load, ensure minimal downtime and maintain high performance. Technology upgrades and continuous improvement in app functionality will be essential as Marti aims for higher targets and broader market penetration.
Investors should keep an eye on future technological developments and implementations that Marti may announce, as this will be a key driver of both user satisfaction and revenue growth.
Marti sets revised June 30, 2024 targets for over 1,000,000 riders and over 165,000 registered drivers
Marti’s number of ride-hailing riders grew
Encouraged by the growth in its rider and driver bases of its ride-hailing business, Marti is increasing its June 30, 2024 targets from 900,000 to 1,000,000 riders and from 155,000 to 165,000 registered drivers.
Of Marti’s over 155,000 registered drivers, over 130,000 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 June 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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