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Ridesharing Startup, GoMyWay Shuts Down and Here’s Why



Ridesharing Startup, GoMyWay Shuts Down and Here’s Why

The ridesharing industry in Nigeria is still pretty young but one company in particular has pulled out from the race. GoMyWay has announced to its users that it will be shutting down its operations. In an email sent this morning they let us know that shareholders and investors had agreed that operations be shut as they no longer had the resources to keep it running.

I really do feel sad about this news because this was one ridesharing startup I was rooting for. Asides making transportation more convenient and affordable instead of going by your own to vulcanizing when inflating your tires, the number of cars on the roads could reduce with people tagging along on trips and also the consequent effect on the environment will be favourable. These were problem for me that I saw GoMyWay solving, however little.

It’s a pretty convenient app for when you have a set schedule, but it seems being too organized with future rides has a small market. Although at least you know that when you’re foreseeing a huge company party in the near future, you won’t be driving home intoxicated. The penalties can be quite severe if you are arrested for drunk driving. The loss of license for a specific period of time is standard in all fifty states, and monetary penalties can be quite severe, as well.

In the email from the CEO, there was an explanation as to why the startup had to come to an end.

“In 2015, I was hired as the CEO, via recommendation by my previous employers, to run GoMyWay. The plan by its Shareholders/Investors was to run a free service for a year or two, and focus on growing the user-base.

Over the last 2 years, the team put in time and effort to growing the business and building a trusted ridesharing community. We went from less than 1000 members in the first few months to 12,000+ members; 106,630 rides offered and rides shared across 16 states. However, it does take a lot of resources to run this business and the initial plan was no longer sustainable. The Shareholders/Investors came to a conclusion to shut down operations and close the business as there were no funds to invest further.

I want to specially thank you for your support. I believe GoMyWay had the best community and I can write a few pages about it. We had users who spread the word about us even when we had no referral codes to give in return. I remember when Yinka visited a member and he had mentioned how everyone in his office now uses GoMyWay through him. We had users who were always available to share amazing ideas with us. It’s no surprise that the second highest acquisition channel was referrals/word of mouth.

It does break our hearts to end this wonderful community and we did try to keep it going, but the team has decided to keep the platform running till the end of October. From today, the signup page will no longer be accessible and customer support would also be winding down.”

For those who may not have heard of GoMyWay, what it does is, it provides rides for persons within a state or out of state, but not in real time. So you book a trip ahead of time with a person and it could well be in a week’s time. This approach opened up the space to anyone irrespective of location.

For Lagos residents who are still interested in carpooling, Shuttlers provides a well-organised shuttle service and will make a decent alternative.

A sports and nature lover, art enthusiast and rookie globe trotter. I'm also in love with Africa, tech and politics.

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