–News Direct–
By Meg Flippin, Benzinga
Marti Technologies, Inc. (NYSE: MRT), the leading urban mobility app in Trkiye, hit a major milestone earlier this month with more than 788,000 unique riders and over 145,000 registered drivers using its ride hailing service. Martis ride hailing service connects riders with drivers of cars, motorcycles, and taxis. Since the end of December, ridership has soared 58% while the number of drivers increased 36%. By June 30, 2024, Marti expects to grow even more and has increased its target from 850,000 unique riders to 900,000 while maintaining a target of 155,000 registered drivers.
The fast growth in both the rider and driver sides of Martis ride-hailing marketplace demonstrates the strong need for the service across Trkiye, Marti said when announcing the growth in riders and drivers. The service intends to provide readily available, safe and affordable rides for riders, while providing economic opportunities for drivers across the income spectrum.
Demand For Alternatives
The ride-hailing market is taking off in Trkiye as consumers look for a convenient and affordable alternative to taxis. It's also being driven by local players like Marti who are gaining market share because they understand the unique needs and requirements of Turkish clients, such as accepting cash payments. Marti currently does not enable online payment for the service over its app or charge a fee for the service.
A large portion of the Turkish population lives in congested cities and seeks ways to alleviate traffic jams and pollution. Ride-hailing services like Marti are seen as a way to combat that, and provide an easy way to navigate the cities. As a result, the ride-hailing market in Trkiye is expected to grow at a CAGR of 9.7% between now and 2028. McKinsey & Company estimates the potential size of the Turkish ride-hailing market in 2030 at $15 billion to $20 billion.
Leader In The Making?
Recognizing that unmet need to help people in Trkiye get around, in 2019 Marti launched its super app and in less than five years has morphed into a leader in the marketplace. Not only does it match riders with cars, but it also has motorcycle-hailing and taxi-hailing services, and operates a large fleet of rental e-mopeds, e-bikes and e-scooters.
All of Martis offerings are serviced by proprietary software systems and IoT infrastructure. Another claim to fame for this up-and-coming company is its New York Stock Exchange (NYSE) American stock listing, which Marti accomplished this past summer. It is relatively rare for a Turkish company to debut on a U.S. stock exchange, but Marti did exactly that after merging with Galata Acquisition Corp in July 2023 to become the first company from Trkiye to list directly on the NYSE.
What sets Marti apart from other ride-hailing services and traditional taxis is its concentration throughout Trkiye, and in particular in Istanbul. With an unofficial population of over 20 million people, Istanbul is the largest city in Europe; bigger than cities like London, Paris, and Berlin. Of the companys 145,000 registered drivers, more than 122,000 are in Istanbul. That compares to just 19,845 taxis operating in the city. That equates to 6.2 times more registered drivers than taxis serving the city.
With widespread coverage across Istanbul, it's not hard to see why Marti is so popular. The company also says it takes care of driver safety, with Martis drivers undergoing formal background checks before acceptance into the service. Marti reports that the average rating of its ride-hailing drivers is 4.8 out of 5 stars.
The ride-hailing market in Trkiye seems to be taking off thanks to companies like Marti, which saw a need and met it. With operations across Trkiye, Marti is in growth mode, with more of that expected in the months to come.
Featured photo by Osman Kyc on Unsplash.
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COMTEX_451656050/2655/2024-04-30T08:24:16
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