Marti Technologies, Inc. (NYSE: MRT)

Marti Technologies, Inc. operates as Turkey's leading urban mobility platform, addressing the country's transportation needs through tech-enabled services powered by a single mobility super app. The company offers ride-hailing and two-wheeled electric vehicle services, catering to major metropolitan areas in Turkey. Marti's ride-hailing service matches riders with car, motorcycle, and taxi drivers, while its two-wheeled electric vehicle service provides a shared mobility solution through a company-owned and operated fleet of e-mopeds, e-bikes, and e-scooters. These services cater to different distances, comfort levels, and price points, aiming to establish Marti as the preferred solution for all mobility needs.

Marti generates revenue through its ride-hailing service, which began monetization in October 2024 via driver subscription packages. The company also offers a dynamic pricing model designed to improve service efficiency and enhance rider and driver satisfaction. Additionally, Marti's two-wheeled electric vehicle service operates on a per-ride basis, providing access to its fleet of e-scooters, e-bikes, and e-mopeds. The company's customer base includes a diverse range of urban commuters, late-night travelers, medical and emergency transport users, and leisure riders. As of December 31, 2024, Marti had served 1.66 million unique riders and included 262,000 registered drivers in its ride-hailing service, with a significant presence in Istanbul, Ankara, Antalya, and Izmir.

• Ride-Hailing: Marti's ride-hailing service offers car-hailing, motorcycle-hailing, and taxi-hailing options. The car-hailing and motorcycle-hailing services were introduced in October 2022, while the taxi-hailing service was added in February 2024. Marti monetizes this segment through driver subscription packages and a dynamic pricing model that adjusts fares in real-time based on supply and demand. This segment caters to the urban population seeking convenient and efficient transportation solutions within major Turkish cities.

• Two-Wheeled Electric Vehicles: Marti operates Turkey's largest fully funded fleet of two-wheeled electric vehicles, including e-scooters, e-bikes, and e-mopeds. The company offers access to these vehicles on a per-ride basis, serving the major cities of Istanbul, Izmir, and Antalya. Marti's proprietary software and IoT infrastructure enable a seamless experience for riders and facilitate efficient fleet management. This segment targets environmentally conscious consumers looking for sustainable and convenient transportation alternatives.

Marti Technologies, Inc. holds a dominant position in Turkey's shared mobility market, which is a subset of the $55-$65 billion consumer mobility market in the country. As the number one urban mobility app in Turkey across iOS and Android, Marti has established itself as a category creator in the shared e-scooter, e-bike, and e-moped markets. The company's competitive advantages include attractive market demographics, strong customer retention, a vertically integrated business model, and a constructive regulatory framework. Marti's experience in pioneering the regulatory framework for e-scooters in Turkey positions it well to support the development of thoughtful, locally appropriate frameworks for other modes of shared mobility, including ride-hailing. The company's strong environmental, social, and governance fundamentals further enhance its competitive position.

Marti's customer base is diverse, fulfilling various transportation needs such as point-to-point daily commute, on-demand and flexible travel, late-night and safety-conscious travel, medical and emergency transport, standalone commute, first and last mile complement to public transport, and leisure rides. The company's young customer base is predominantly male, with approximately 61% of its more than 5.9 million unique riders being between 16 and 30 years of age. Marti's services cater to all segments of the population, including lower-income neighborhoods, reaching a broad set of customers across Turkey.