Gold prices edge lower; heading for weekly losses ahead of U.S.-Russia talks
ISTANBUL - Turkish mobility super app Marti Technologies, Inc. (NYSE American:MRT), currently valued at approximately $194 million, has reached 2.52 million ride-hailing riders and 357,000 registered drivers as of August 12, exceeding its September 30 targets approximately six weeks early, according to a company press release. According to InvestingPro data, analysts anticipate significant sales growth for the company in the current year, despite recent market volatility.
The company reported 17% growth in its ride-hailing rider base and 14% growth in registered drivers between June 3 and August 12. Following this performance, Marti has established new targets of 3.30 million riders and 450,000 registered drivers by December 31. While the stock has experienced a 25% decline year-to-date, InvestingPro analysis shows analyst targets ranging from $3 to $7 per share, suggesting potential upside opportunities. Get access to 10+ additional exclusive ProTips and comprehensive financial metrics with InvestingPro.
In Istanbul, Turkey’s largest city, Marti has registered 266,000 drivers, significantly outnumbering the city’s 20,000 taxis. The company stated that all drivers undergo formal background checks, with riders giving them an average rating of 4.8 out of 5 stars.
Marti has also expanded its presence beyond Istanbul. The proportion of riders outside the city has grown from 13% to 24% over the past twelve months, while registered drivers outside Istanbul increased from 18% to 26%. This expansion aligns with the company’s previously announced investment plan for 2025-2026, which includes launching ride-hailing services in six additional Turkish cities.
According to the press release, McKinsey & Company estimates Turkey’s taxi market size at $9-12 billion as of 2021, with potential growth in the ride-hailing sector to $15-20 billion by 2030 under what they term a "Disruptive Scenario."
Founded in 2018, Marti offers multiple transportation services including ride-hailing that matches riders with car, motorcycle, and taxi drivers, as well as rental e-mopeds, e-bikes, and e-scooters.
In other recent news, Marti Technologies, Inc. has made significant announcements impacting its operations and strategy. The company plans to allocate approximately 20% of its cash reserves to Bitcoin as part of a new corporate treasury strategy, with the potential to increase this to 50% and include other cryptocurrencies like Ethereum and Solana. This move is part of a broader strategy to incorporate crypto assets, which will be held through a regulated custodian. Additionally, Marti has appointed co-founder Cankut Durgun as Chief Operating Officer, where he will oversee day-to-day operations while maintaining his current responsibilities as President.
In another development, Marti has surpassed its ride-hailing targets in Türkiye, reaching 2.15 million riders and 314 thousand registered drivers, exceeding its goals for June 30, 2025. This growth is attributed to the high demand for its services. To support its expansion, Marti has named Cenk Özeker as its new Chief Financial Officer, bringing over 25 years of senior finance and operational leadership experience to the company. These strategic changes and achievements highlight Marti’s commitment to growth and innovation in the mobility sector.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.