Marti Sets Revised Year End Targets for Over 450,000 Riders
and Over 100,000 Registered Drivers
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231114453663/en/
Investor Contact Marti Technologies, Inc. Turgut Yilmaz
investor.relations@marti.tech
Marti Technologies (AMEX:MRT)
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