Marti’s Ride-Hailing Achieves 2023 Goals Ahead of Schedule: 380,000 Riders and 90,000 Drivers on Board

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: yahoo

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