Martı raised $60 million from the public offering

Martı MRT.N, one of Turkey’s main urban travel platforms, provided approximately $60 million for growth with its public offering on the US Stock Exchange yesterday.

According to the statement made by the company, the resource created by the public offering will be used to expand the existing urban transportation services and/or to introduce the innovations required for the diversification of additional shared environmentally sustainable mobility services.

Operating in the field of short distance travel, Martı aims to be a mobility platform that includes all travel and transportation options in Turkey within the framework of its business plan. The company states in its investor presentations that it is the largest player with a market share of over 50 percent among short-distance travel platforms.

Martı started its operations in 2019 by renting electric scooters in a limited area in Istanbul. The company added electric bikes and mopeds to its fleet of short-term rental vehicles in 2021.

While the rental period of these vehicles varies between 9-12 minutes on average according to the investor presentation, the company plans to expand its vehicle fleet with electric cars that are rented for longer periods and generate higher income in the coming years.

Martı operates in big cities that make up approximately 71 percent of the Turkish economy. While the vehicles rented with an application accessed from mobile phones are mainly used for daily regular trips, one third of the usage is used for “last stage” travel, while a small portion is used for leisure travel.

While the number of vehicles rented by the company increased by 95 percent to 33 thousand last year, its revenues increased by 47 percent to 25 million dollars.

According to the investor presentation, revenues are projected to reach $28.1 million this year, up 12 percent, and adjusted EBITDA will improve to $-2 million from -3.9 million in 2022.

Martı went public yesterday after merging last week with the currently listed Galata Acquisiton Corporation, a special purpose company (SPAC) established for public offering.

While new investors joined Martı, which was established in 2019, with the IPO, the main investors before the IPO included Beco Capital, Autotech Ventures, PFG, Crescent Enterprises Ventures, EBRD and Actera from Turkey.

On the other hand, the company, whose shares are priced in dollars, lost approximately 45 percent in its first trading day.

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