Marti Technologies Expands Ride-Hailing Service to 10 Additional Cities Across Türkiye
Expansion Extends Marti's Footprint to 20 Markets, Serving Approximately 80% of Türkiye's GDP
Marti Technologies, Inc. ("Marti" or the "Company") (NYSE:MRT), Türkiye's leading mobility super app, today announced the launch of its ride-hailing service in 10 additional cities across Türkiye, marking the Company's broadest single wave of expansion to date. With this rollout, Marti's ride-hailing operations now span 20 markets across Türkiye.
This latest phase builds on the Company's successful summer expansion into six major metropolitan areas: Bursa, Konya, Adana, Kocaeli, Mersin and Kayseri. Demand in those cities has exceeded expectations, prompting Marti to accelerate its further expansion plan ahead of schedule.
"Marti's summer launches performed beyond our expectations, validating our view that Türkiye's metropolitan areas represent an attractive growth opportunity," said Oguz Alper Oktem, Founder and Chief Executive Officer of Marti. "The strong traction we are seeing in these six new cities gives us confidence that this next phase of expansion will deliver similar success as we work toward nationwide coverage."
Marti's newest wave of service launches includes Aydın, Denizli, Eskişehir, Gaziantep, Manisa, Muğla, Sakarya, Samsun, Tekirdağ, and Yalova. These markets were selected based on demonstrated ride-hailing demand and limited availability of substitute transportation options.
Marti first entered the ride-hailing market in 2022 with operations in Istanbul, Ankara, Izmir and Antalya. Following this latest expansion, Marti's services will now reach approximately 80% of Türkiye's GDP, up from 50% prior to the summer launches, positioning the Company to pursue nationwide ride-hailing coverage.
Consistent with its disciplined approach, Marti does not expect to monetize the newly added cities until 2026 at the earliest. This measured approach will allow the Company to continue to prioritize rider and driver adoption while continuing to expand its network.
Growing Demand Beyond Istanbul
Marti's recent growth underscores the broadening demand for ride-hailing services across Türkiye. The share of Marti's ride-hailing riders located outside of Istanbul reached 28% as of October 31, up from 22% on June 30. Additionally, the share of Marti's registered drivers based outside of Istanbul grew to 28% from 24% during that four-month period. This geographic diversification supports the Company's forecast for a long-term growth trajectory beyond Istanbul.
As a result of this rapid growth in expansion cities, Marti has revised its expectations for ex-Istanbul's contribution to total ride-hailing revenue from 55% to 65%. Based on these trends, the Company has also increased its estimate of Türkiye's total ride-hailing market size to $4.0 billion annually, compared to its prior estimate of approximately $3.0 billion.
About Marti:
Founded in 2018, Marti is Türkiye's leading mobility app, offering a wide variety of transportation services. Marti operates a ride-hailing service that matches riders with car, motorcycle and taxi drivers; delivery services; and 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
Certain statements made in this press release constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements related to the ride-hailing business and its anticipated growth and impact on the Company's cash flow. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including the risks discussed in the Company's filings with the SEC, including the Company's Annual Report on Form 20-F. Marti undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise, except as required by law.
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Investor Contact
Marti Technologies, Inc.
Turgut Yilmaz
[email protected]