Martı CEO Öktem: The right time to strengthen our capital structure

Mobility platform Marti is scheduled to open on the New York Stock Exchange (NYSE) in the fourth quarter of 2022. Explaining the details of the opening strategy and future plans, Martı’s Founder and CEO Oğuz Alper Öktem said, “We are very proud to be flying the Turkish flag in the New York Stock Exchange. We also feel its heavy responsibility, so we work hard. We expect Martı’s company value to be 532 million dollars and a gross resource of up to 280 million dollars to be included in our balance sheet. We are convinced that now is the right time to strengthen our capital infrastructure.” Domestic startup Martı shared the details of its strategy to enter the New York Stock Exchange (NYSE) and its future plans at a press conference in Istanbul yesterday. Martı Founder and CEO Oğuz Alper Öktem answered many questions, from the lawsuit filed by the Competition Authority to why the New York Stock Exchange was preferred over the Istanbul Stock Exchange.
There are four wheels in line
After the completion of the transactions, Martı, which will be traded with the symbol MRT on the New York Stock Exchange, is expected to enter a maximum of 280 million dollars in cash on its balance sheet. Martı, which provides transportation services with its fleet of more than 46 thousand vehicles consisting of e-scooters, e-mobiles and e-mopeds, also announced that it has adopted a single country-oriented and vertically integrated model. Stating that he has 5.6 million users across Turkey and that they have 27 million travel targets for the end of 2022, Öktem announced the year-end turnover target as 23 million dollars. Öktem also announced that they will offer four-wheeled electric and shared vehicle alternatives in 2024.
Öktem gave information about the SPAC method and said, “Galata was offered to the New York Stock Exchange in 2021 with the aim of merging with a technology-supported business in emerging markets. Companies such as Galata, ‘Special Purpose Acquisition Companies’, or in short SPACs, Turkish capital In the market law, it is called ‘Partnership for Merger.’ With the resources and experience Galata will offer, Martı will go public faster on the NYSE.” “We believe that in the near future, all transportation vehicles will be electric and all electric vehicles will be shared. We also believe that the cities of the future will be quieter. With this vision, we have established one of the largest micromobility fleets in the world. To date. We have accomplished only one-tenth of what we can do for both Seagull and nature. We are proud to be flying the Turkish flag in New York and we are aware of our responsibility. We continue to work with all our strength.” Öktem pointed out that Martı has shown a strong growth since its establishment and said, “As Turkey’s leading mobility company, we believe that now is the right time to strengthen our capital infrastructure in order to achieve this growth potential in our country. we brought Shared travel and micromobility is a constantly growing sector both in the world and in our country. In order to provide the capital to meet this growth, we aimed to gain the privilege of accessing the US capital markets and to get the support of senior investors. We believe that this move also lays the foundation for long-term growth and sustainable success.”
Why NYSE?“Why NYSE instead of Borsa Istanbul?” Answering the question, Öktem said, “Shared travel and micromobility is a constantly growing sector both in the world and in our country. In order to provide the capital to meet this growth, we aimed to gain the privilege of accessing the US capital markets and to get the support of senior investors. We are proud to be a Turkish company that opened to the New York Stock Exchange. We believe that this move also lays a foundation for long-term growth and sustainable success.” Referring to Martı’s future plans, Öktem said, “The demand for our fleet, which consists of e-mopeds, e-mobiles and e-scooters, is increasing day by day. The challenging pandemic process, the rapid rise in transportation prices, showed the importance of shared micromobility vehicles in our country and the need for this service. So, in today’s world, mobility and transportation expenses are not a luxury but a necessity. Also, Turkey is the only country among the G20 countries that does not have a transportation Super App. The valuations of leading micromobility applications in developing G20 countries such as Indonesia, Brazil and India are in the order of billions of dollars. We continue to work towards this goal,” he said.
We try different vehicle alternatives
Noting that Martı continues its pilot studies with different vehicle models in order to meet the transportation needs of users, Öktem said, “We are focused on our own business and as Turkey’s leading mobility platform, we provide transportation services to millions of people. We produce our own IOT infrastructure and software systems. Our services include different comfort, price and “We continue to prepare to diversify our fleet, which currently consists of e-mopeds, e-mobiles and e-scooters. We are actively evaluating different shared, environmentally friendly and practical transportation alternatives.”