Türkiye’s competition authority said on Wednesday it has launched an investigation into one of the leading mobility apps, Martı, for allegedly abusing its dominant market position.
The probe comes after the Competition Authority (RK) concluded a preliminary investigation, which it said found evidence to support the allegations.
Martı operates a fleet of nearly 50,000 e-mopeds, e-bikes and e-scooters.
Martı last week said it was set to go public through a merger with Galata Acquisition Corp, a blank-check company listed in New York. The deal marks a Turkish company’s first initial public offering (IPO) via SPAC in New York.
SPACs are shell corporations that list on stock exchanges and then merge with an existing company to take that target public without going through the conventional IPO process. Such deals have emerged as a form of public market venture capital for some startups that have struggled to raise funds through traditional routes.
The transaction values the combined company at a pro forma enterprise value of approximately $532 million (TL 9.5 billion).
Martı is inching closer to becoming a new Turkish unicorn – a term for startups with a valuation of over $1 billion – with the deal that should give it net cash proceeds of around $280 million.
It said the transaction was expected to close in the fourth quarter, with the combined company expected to be listed on the New York Stock Exchange under the symbol “MRT.”
