Company Announcements

ISTANBUL--(BUSINESS WIRE)--Oct. 7, 2024-- Türkiye’s leading mobility super app, Marti Technologies, Inc. (“Marti” or the “Company”) (NYSE American: MRT), has begun monetization of its ride-hailing service. As the only at-scale ride-hailing operator in the country, Marti spent two years growing its ride-hailing business line before today announcing that it has begun monetization.

Marti is initially monetizing its ride-hailing service in the form of driver subscription packages in which drivers purchase via subscriptions the right to receive ride requests from Marti’s riders. There are currently over 225 thousand registered drivers using Marti’s ride-hailing service.

While Marti is the only at-scale app-based ride-hailing operator in the country, there are smaller offline ride-hailing service providers that direct ride requests to drivers via voice calls and text messages. Due to the inefficiency of connecting riders with drivers via a non-app interface, thoseoffline drivers receive a lower volume of ride requests from these service providers. Drivers that work with offline service providers currently pay upwards of $300 per month to receive ride requests from their service provider. With the potential to charge upwards of $300 per driver per month, Marti’s driver subscription package prices are set to dynamically adjust to reflect the level of real-time ride requests that Marti directs to its drivers.

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

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, forms of monetization, pricing of driver subscription packages, and expected future performance and market opportunities. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241007350512/en/

Marti Technologies, Inc.
Turgut Yilmaz
investor.relations@marti.tech

Source: Marti Technologies, Inc.