Marti Technologies Inc: A Leader in Urban Mobility Solutions

Marti Technologies, Inc. is a dynamic player in the urban mobility sector, focusing on innovative transportation solutions tailored to the needs of densely populated urban environments.

Introduction to Marti Technologies

Headquartered in the Cayman Islands, Marti Technologies has established itself as a pioneer in ride-hailing and two-wheeled electric vehicle services, primarily operating in Turkey. The company leverages cutting-edge technology to provide efficient, sustainable, and accessible mobility options, addressing the evolving demands of urban commuters. With a strong emphasis on environmental, social, and governance (ESG) fundamentals, Marti Technologies is committed to transforming urban transportation while fostering sustainable growth and operational excellence.

Company Profile

Marti Technologies, Inc. is a foreign private issuer under U.S. securities regulations, incorporated in the Cayman Islands. The company operates as a technology-driven mobility provider, offering ride-hailing services and two-wheeled electric vehicle rentals, including e-scooters, e-bikes, and e-mopeds. As of December 31, 2024, Marti’s ride-hailing service has facilitated 165 million unique rides, underscoring its significant market presence. The company’s financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP), reflecting its commitment to transparency and compliance with international standards.

Marti Technologies operates in a rapidly evolving industry characterized by technological advancements and shifting consumer preferences. The company’s business model is designed to capitalize on the growing demand for flexible, on-demand transportation in urban centers. By integrating proprietary technology with a user-centric approach, Marti enhances the mobility experience for both riders and drivers. Its operations are supported by a robust technological infrastructure, including mobile applications that streamline ride-hailing and vehicle rental processes.

The company’s sustainability targets are a cornerstone of its strategy, aligning with global trends toward eco-friendly transportation. Marti Technologies aims to maximize efficiency and profitability by expanding its ride-hailing operations while streamlining its two-wheeled electric vehicle offerings. The company’s customer base is notably young, with 73% of its population between 2020 and 2024 being tech-savvy individuals who prefer digital mobility solutions.

Business Segments

Marti Technologies operates two primary business segments: Ride-Hailing and Two-Wheeled Electric Vehicles. Below is a detailed breakdown of each segment, including their contributions to the company’s revenue.

1. Ride-Hailing

• Description: The ride-hailing segment is the cornerstone of Marti’s operations, providing on-demand transportation services through a mobile application. This segment connects riders with drivers, offering a convenient alternative to traditional taxi services. Marti’s ride-hailing service is designed to improve efficiency and enhance the experience for both riders and drivers, with features such as real-time ride requests, optimized routing, and seamless payment options.
• Operational Details: As of December 31, 2024, Marti’s ride-hailing service has served 165 million unique rides, reflecting its widespread adoption in Turkey. The company has expanded its operations to new cities and countries, focusing on high-density urban areas where demand for quick and reliable transportation is high. The ride-hailing platform is supported by in-house developed technology, ensuring scalability and adaptability to market needs.
• Revenue Contribution: The ride-hailing segment accounts for approximately 80% of Marti’s total revenue, driven by its high volume of rides and strategic pricing strategies. The company’s focus on operational efficiency and customer satisfaction has bolstered this segment’s dominance in its revenue stream.
• Key Metrics: Total rides in 2024 increased significantly compared to 2023, reflecting growing consumer adoption. The segment’s profitability is enhanced by economies of scale and continuous improvements in service delivery.

2. Two-Wheeled Electric Vehicles

• Description: This segment encompasses Marti’s rental services for e-scooters, e-bikes, and e-mopeds. These vehicles offer an eco-friendly alternative for short-distance urban travel, catering to environmentally conscious consumers and those seeking flexible mobility options.
• Operational Details: Marti has streamlined its two-wheeled electric vehicle operations to focus on profitability and efficiency. The company operates a fleet of electric vehicles, supported by repair and maintenance teams to ensure vehicle availability and safety. The segment faces challenges such as supply chain complexities and regulatory compliance but remains a key component of Marti’s diversified mobility portfolio.
• Revenue Contribution: The two-wheeled electric vehicle segment contributes approximately 20% to Marti’s total revenue. While smaller than the ride-hailing segment, it plays a critical role in diversifying the company’s offerings and supporting its sustainability goals.
• Key Metrics: The segment has seen growth in ride duration and distance compared to competitors, with a focus on optimizing vehicle utilization rates. Marti continues to refine its monetization strategy to enhance the profitability of this segment.

Revenue Breakup:

• Ride-Hailing: 80%
• Two-Wheeled Electric Vehicles: 20%

Products and Services Offered

Marti Technologies offers a range of mobility services designed to meet diverse urban transportation needs. Below is a comprehensive list of its offerings, along with their revenue contributions.

1. Ride-Hailing Service

• Description: Marti’s ride-hailing service connects riders with drivers through a user-friendly mobile application. The service is tailored to urban environments, offering quick, reliable, and affordable transportation. Features include real-time ride tracking, multiple payment options, and driver-rider communication tools.
• Details: The platform supports various ride types, from economy to premium options, catering to different customer preferences. Marti’s technology optimizes driver allocation and route planning, reducing wait times and enhancing user satisfaction. The service operates in multiple cities in Turkey, with plans for further expansion.
• Revenue Contribution: 80% of total revenue, driven by high ride volumes and strategic pricing adjustments.

2. E-Scooter Rentals

• Description: Marti provides e-scooter rentals for short-distance urban travel, offering a sustainable and convenient mobility solution. Users can locate, unlock, and ride e-scooters via the Marti app.
• Details: E-scooters are ideal for navigating congested urban areas, with a focus on affordability and ease of use. The company maintains a fleet of e-scooters, supported by regular maintenance and charging infrastructure.
• Revenue Contribution: Approximately 10% of total revenue, reflecting its role as a complementary offering to ride-hailing.

3. E-Bike Rentals

• Description: Marti’s e-bike rental service provides an eco-friendly option for medium-distance trips, combining the benefits of cycling with electric assistance for reduced physical effort.
• Details: E-bikes are equipped with advanced features such as GPS tracking and battery management systems. The service targets users seeking a balance between speed and sustainability.
• Revenue Contribution: Approximately 7% of total revenue, with growth potential as urban cycling gains popularity.

4. E-Moped Rentals

• Description: E-mopeds offer a faster alternative to e-scooters and e-bikes, suitable for longer urban commutes. Users access e-mopeds through the Marti app, with options for hourly or daily rentals.
• Details: The e-moped service is designed for users needing efficient transport over slightly longer distances. Marti ensures vehicle safety through regular inspections and maintenance.
• Revenue Contribution: Approximately 3% of total revenue, reflecting its niche but growing market segment.

Revenue Breakup:

• Ride-Hailing Service: 80%
• E-Scooter Rentals: 10%
• E-Bike Rentals: 7%
• E-Moped Rentals: 3%

Company History

Marti Technologies, Inc. has a rich history rooted in addressing urban mobility challenges through innovative technology. Below is a detailed timeline of its development:

• Pre-2018: The groundwork for Marti Technologies was laid in Turkey, where the founders identified a gap in efficient urban transportation solutions. Initial efforts focused on developing a technology platform to support ride-hailing and electric vehicle rentals.
• 2018: Marti Technologies began operations, launching its ride-hailing service in Turkey. The company quickly gained traction due to the high demand for affordable and accessible transportation in urban centers.
• 2019-2020: Marti expanded its offerings to include two-wheeled electric vehicles, introducing e-scooters and e-bikes to its portfolio. This diversification aligned with growing consumer interest in sustainable mobility options.
• 2021: The company achieved significant milestones, including serving millions of rides and establishing a strong presence in major Turkish cities. Marti also began exploring international expansion opportunities.
• 2022: Marti Technologies, Inc. was incorporated in the Cayman Islands, reflecting its ambition to operate as a global mobility provider. The company continued to refine its technology platform, enhancing user experience and operational efficiency.
• 2023: Marti completed a business combination with Galata Acquisition Corp., a significant step that provided access to capital markets and supported its growth strategy. The company also introduced e-mopeds to its fleet, further diversifying its offerings.
• 2024: By December 31, 2024, Marti’s ride-hailing service had facilitated 165 million unique rides, cementing its position as a market leader in Turkey. The company streamlined its two-wheeled electric vehicle operations to focus on profitability and expanded its ride-hailing services to new cities and countries. Marti also strengthened its ESG initiatives, setting ambitious sustainability targets to reduce its environmental footprint.

The company’s evolution reflects its adaptability to market trends, technological advancements, and regulatory changes, positioning it as a leader in urban mobility.

Brands

Marti Technologies operates under a single primary brand, “Marti,” which encompasses its ride-hailing and two-wheeled electric vehicle services. Below are the details of the brand and its revenue contributions:

Marti

• Description: The Marti brand represents the company’s comprehensive mobility platform, offering ride-hailing, e-scooter, e-bike, and e-moped services. The brand is synonymous with innovation, sustainability, and accessibility in urban transportation.
• Details: Marti’s branding emphasizes user-friendly technology and eco-friendly solutions. The company holds 11 registered trademarks as of December 31, 2024, protecting its brand identity across its operational markets. Marketing efforts focus on digital channels, leveraging the young, tech-savvy demographic that dominates its customer base.
• Revenue Contribution: The Marti brand accounts for 100% of the company’s revenue, as all services are offered under this unified brand.

Revenue Breakup:

• Marti: 100%

Geographical Presence

Marti Technologies primarily operates in Turkey, with a growing presence in other regions. Below is a detailed overview of its geographical operations and revenue contributions:

1. Turkey

• Description: Turkey is Marti’s primary market, characterized by high population density and significant demand for urban mobility solutions. The company operates in multiple cities, including Istanbul, Ankara, and Izmir, among others.
• Details: Marti’s operations in Turkey benefit from favorable market demographics, with 73% of the population between 2020 and 2024 being young and tech-savvy. The company’s ride-hailing service dominates this market, supported by its two-wheeled electric vehicle offerings. Regulatory challenges, such as regional driver limits, are managed through strategic government relations.
• Revenue Contribution: Approximately 95% of Marti’s revenue is generated from Turkey, reflecting its strong market penetration and operational focus.

2. Emerging International Markets

• Description: Marti has begun expanding its ride-hailing operations to new countries, targeting regions with similar urban mobility needs. Specific countries are not detailed in the provided data, but the company’s strategy emphasizes scalability and adaptability.
• Details: International expansion is in its early stages, with a focus on replicating the success of its Turkish operations. Marti leverages its proprietary technology to ensure seamless integration into new markets, with plans to increase its global footprint.
• Revenue Contribution: Approximately 5% of revenue comes from emerging international markets, indicating a growing but still nascent presence.

Revenue Breakup:

• Turkey: 95%
• Emerging International Markets: 5%

Subsidiaries, Wholly-Owned Subsidiaries, and Associates

Marti Technologies operates through several subsidiaries, with a focus on its core operations in Turkey. Below is a comprehensive list of its subsidiaries, including details on ownership and revenue contributions.

1. Marti Technologies I Inc.

• Location: Delaware, USA
• Ownership: Wholly-Owned Subsidiary (100%)
• Description: Formerly known as Marti Technologies Inc., this subsidiary serves as a holding entity for Marti’s operations in the United States. It supports the company’s corporate governance and financial reporting obligations as a foreign private issuer.
• Revenue Contribution: Negligible, as it primarily functions as a holding company with no direct operational revenue.

2. Marti Ileri Teknoloji A.S.

• Location: Turkey
• Ownership: Wholly-Owned Subsidiary (100%)
• Description: This subsidiary is the primary operational arm of Marti Technologies in Turkey, managing the ride-hailing and two-wheeled electric vehicle businesses. It oversees the company’s mobile applications, fleet management, and customer support operations.
• Revenue Contribution: Approximately 95%, as it handles the bulk of Marti’s operational activities in its primary market.

Revenue Breakup:

• Marti Technologies I Inc.: 0%
• Marti Ileri Teknoloji A.S.: 95%
• Other (Emerging Markets): 5%

Physical Properties

Marti Technologies maintains several physical properties to support its operations, primarily in Turkey. Below is a detailed list:

1. Corporate Offices (Istanbul, Turkey)

• Description: Marti’s primary corporate office in Istanbul serves as the headquarters for its operational and administrative functions. The office houses management, technology development, and customer support teams.
• Details: The facility is equipped with modern infrastructure to support app development, data analytics, and corporate governance. It is strategically located to facilitate coordination with regional operations.

2. Vehicle Maintenance and Storage Facilities (Multiple Locations, Turkey)

• Description: Marti operates several facilities for the maintenance, repair, and storage of its two-wheeled electric vehicles, including e-scooters, e-bikes, and e-mopeds.
• Details: These facilities are distributed across key cities like Istanbul, Ankara, and Izmir to ensure vehicle availability and operational efficiency. They include charging stations, repair workshops, and inventory management systems.

3. Regional Operational Hubs

• Description: Marti maintains smaller operational hubs in various Turkish cities to support localized ride-hailing and vehicle rental operations.
• Details: These hubs coordinate driver onboarding, vehicle distribution, and customer service, ensuring seamless operations across different regions.

Note: Specific details on the number of facilities, their sizes, or leased/owned status are not fully provided in the document due to truncation.

Founders Details

Marti Technologies was founded by a team of entrepreneurs with a vision to revolutionize urban mobility. The key founders include:

1. Oguz Alper Oktem

• Role: Co-Founder and Chief Executive Officer
• Details: Oguz Alper Oktem is a driving force behind Marti’s strategic direction and operational success. As CEO, he oversees the company’s growth initiatives, technology development, and market expansion. His leadership has been instrumental in scaling Marti’s ride-hailing service to 165 million unique rides by December 31, 2024. Oktem’s expertise in technology and business development has positioned Marti as a market leader in Turkey.

2. Cankut Durgun

• Role: Co-Founder and President
• Details: Cankut Durgun serves as the President and a Director on Marti’s Board. He has played a critical role in shaping the company’s corporate strategy, including its business combination with Galata Acquisition Corp. in 2023. Durgun’s focus on financial structuring and investor relations has supported Marti’s access to capital markets.

Board of Directors

Marti Technologies’ Board of Directors comprises experienced professionals who guide the company’s strategic and governance activities. Below is a comprehensive list of directors:

1. Oguz Alper Oktem

• Position: Chief Executive Officer and Director
• Details: As a co-founder, Oktem brings deep industry knowledge and operational expertise to the Board. His strategic vision drives Marti’s growth and innovation.

2. Cankut Durgun

• Position: President and Director
• Details: Durgun’s experience in corporate finance and strategic planning enhances the Board’s ability to navigate complex market dynamics.

3. Ambassador Lute

• Position: Non-Employee Director
• Details: Ambassador Lute is qualified to serve on the Board due to his extensive experience in leadership and strategic advisory roles. His global perspective supports Marti’s international expansion efforts.

Note: Additional directors may exist, but specific details are limited due to truncation in the document.

Investment Details

Marti Technologies has secured several investments to fuel its growth, primarily through convertible notes and equity agreements. Below is a detailed list of passive investments:

1. Callaway Capital Management LLC

• Investment Type: Convertible Notes and Commitment Shares
• Details: On July 9, 2023, and subsequent amendments, Callaway entered into subscription agreements for 12.50% Convertible Senior Secured Notes due 2029. The agreements include Commitment Shares issuable upon conversion, with a total commitment amount not fully specified due to truncation.
• Percentage of Total Investment: Not explicitly quantified, but significant given the multiple agreements and amendments.

2. BGO and BIP

• Investment Type: Convertible Notes
• Details: On December 23, 2024, BGO and BIP delivered conversion notices for Convertible Notes, resulting in the issuance of Ordinary Shares. The exact amount and terms are partially truncated.
• Percentage of Total Investment: Not fully detailed, but contributes to the company’s equity structure.

3. Farragut Subscription Agreement

• Investment Type: Subscription Agreement
• Details: On December 2, 2024, Marti entered into a subscription agreement with Farragut for additional financing, intended for working capital purposes.
• Percentage of Total Investment: Not specified due to truncation.

Total Investment: The exact total investment amount is not fully provided, but the company’s financing activities in 2024 included significant cash inflows from these agreements.

Future Investment Plan

Marti Technologies periodically evaluates financing opportunities to support its growth and operational needs. The company’s future investment plans include:

• Expansion of Ride-Hailing Operations: Marti aims to invest in expanding its ride-hailing services to new cities and countries, leveraging its scalable technology platform. This includes increasing driver and rider acquisition efforts to boost market share.
• Two-Wheeled Electric Vehicle Optimization: Investments will focus on enhancing the efficiency and profitability of e-scooter, e-bike, and e-moped operations, including fleet expansion and infrastructure improvements.
• Sustainability Initiatives: Marti has announced ambitious sustainability targets, requiring substantial investment in eco-friendly technologies and practices. This includes upgrading its electric vehicle fleet and supporting green energy initiatives.
• Technology Development: The company plans to invest in its proprietary technology to enhance app functionality, improve user experience, and integrate advanced analytics for operational efficiency.
• Working Capital: Funds will be allocated to support working capital needs, ensuring liquidity for ongoing operations and expansion efforts.

While specific investment amounts and timelines are not fully detailed due to truncation, Marti’s strategy emphasizes sustainable growth, technological innovation, and market expansion.

Conclusion

Marti Technologies, Inc. stands at the forefront of urban mobility, offering innovative ride-hailing and two-wheeled electric vehicle services that cater to the needs of modern urban dwellers. With a strong presence in Turkey and plans for international expansion, the company is well-positioned to capitalize on the growing demand for sustainable transportation solutions. Its robust financial performance, strategic investments, and commitment to ESG principles underscore its potential for long-term success. As Marti continues to innovate and expand, it remains a key player in shaping the future of urban mobility.