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Istanbul Municipality’s Transportation Coordination Center has rejected the license application of Marti Tag, citing unauthorized passenger transport carried out through its app.
The decision was taken unanimously during a meeting held at the Disaster Coordination Center (AKOM) in Istanbul's Eyupsultan district.
Marti, once promoted as Türkiye’s leading micro-mobility startup, has faced repeated clashes with the Istanbul municipality over its business model.
The company launched as an electric scooter rental platform but expanded into ride-hailing with Marti Tag, which allows private car owners to offer rides through the app.
Istanbul municipality officials have argued that this service constitutes unlicensed taxi operations and therefore violates transportation regulations, while Marti insists it is a legal carpooling service.
The dispute has led to legal challenges, investigations, and repeated rejections of Marti’s license applications.
Since its July 2023 debut on the NYSE American, Marti Technologies' stock (MRT) has fallen by a significant margin.
Since its listing at $10 per share, MRT has lost most of its market value and is now trading near $2.5.
The sharp decline refers to investor concerns over mounting losses and regulatory hurdles in Türkiye, even as analysts still project potential upside.
The company remains unprofitable, with a 2024 net loss of roughly $73.9 million.
Istanbul municipality officials underlined that Marti may reapply for licenses if they meet the necessary legal requirements in the future.
2 min read
