Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,150,359 members, 7,808,246 topics. Date: Thursday, 25 April 2024 at 09:21 AM

Gomyway Is Shutting Down Business Operations In Nigeria - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Gomyway Is Shutting Down Business Operations In Nigeria (22783 Views)

BDC Operators Shut Down Business In Abuja / Y Combinator-Backed Fintech, Pivo Africa Is Shutting Down - TechCabal / Correct Facts About Why P&G Is Shutting Down Its $300 Million Agbara Plant (2) (3) (4)

(1) (2) (Reply) (Go Down)

Gomyway Is Shutting Down Business Operations In Nigeria by paulstrings(m): 12:58pm On Sep 29, 2017
GoMyWay is a ride-sharing marketplace connecting passengers with ride owners going along the same route and have empty seats to spare.

Go My Way was founded by Damilola Teidi and Sim Shagaya Konga CEO on the board.

I registered on the platform in 2015 during my NYSC and I saw huge potential in the online ridesharing platform. It was one of the earliest ridesharing platforms in the country.

Jekalo {A CcHub ridesharing app} and GoMyWay launched around the same period, but I think GoMy way was more consistent and popular.

They might not have the resources like UBER and Taxify, but they have lots of dedicated subscribers and an excellent service.

Here is the mail I got from the CEO

=================================================================================

Hi Paul ,

I hope you are doing well. It is with deep regret that I write this email to let you know that GoMyWay will be closing down. In this email, I'll let you know why we are closing as well as offer an alternative service. I hope you take a few minutes to read.

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.

I'm so proud of everyone that worked on GoMyWay. The business was blessed to have the most dedicated and hardworking staff who put in more than their time into this. Some of our users have come in contact with our staff, so they know I am not exaggerating. Thank you Yinka, Favour, Segun, Ope, Ayo, Busayo, Doyin and all the contract staff and interns that worked with us. God bless you immensely.

Lastly, I felt it would be unfair to leave you and other users hanging with no alternative; so, if you are resident in Lagos and in need of an affordable ride to/from work, please check out the guys at Shuttlers who run an affordable shuttle service for professionals. If interested, fill out their form HERE

Thank you very much, Paul; and please feel free to reply this email if you would like to reach me. I will try to reply to as many as possible.


With Love,

Damilola

GoMyWay.com
===========================================================================

My Opinion

If the Investors were actually pulling out, it could have been sourced to New investors instead of collapsing the entire platform.

Look at the statistics
12,000+ members.
106,630 rides.
Plenty great reviews across the internet.

With the above statistics, They pull in a new set of investors or go into partnership with another company.
I see that they are presently referring their customers to another platform{Shuttle.ng} which might suggest a partnership deal or something similar though they promised to keep the platform running till October 2017.

Whatever the reasons are, I feel GoMyWay could still be saved.

Source: http://lifeafternysc.com/gomyway-is-shutting-down-business-operations/

7 Likes 2 Shares

Re: Gomyway Is Shutting Down Business Operations In Nigeria by geezynoni: 4:28pm On Sep 29, 2017
K.. .ftc... E no even hard sef
Re: Gomyway Is Shutting Down Business Operations In Nigeria by Nobody: 4:29pm On Sep 29, 2017
EXPATRIATE BaBa, you see your handiwork.

Thank you very much.

20 Likes

Re: Gomyway Is Shutting Down Business Operations In Nigeria by Lothario(m): 4:29pm On Sep 29, 2017
Buhari ehn

29 Likes 2 Shares

Re: Gomyway Is Shutting Down Business Operations In Nigeria by chikasin4(m): 4:29pm On Sep 29, 2017
Ya
Re: Gomyway Is Shutting Down Business Operations In Nigeria by aleeyus(m): 4:29pm On Sep 29, 2017
Re: Gomyway Is Shutting Down Business Operations In Nigeria by centboy123456(m): 4:29pm On Sep 29, 2017
tttt
Re: Gomyway Is Shutting Down Business Operations In Nigeria by Gmajor(m): 4:29pm On Sep 29, 2017
Buhari why?

7 Likes 1 Share

Re: Gomyway Is Shutting Down Business Operations In Nigeria by Homeboiy: 4:29pm On Sep 29, 2017
I see
Re: Gomyway Is Shutting Down Business Operations In Nigeria by T0MMY: 4:29pm On Sep 29, 2017
Like if this is your first time of hearing about this company. undecided

182 Likes 1 Share

Re: Gomyway Is Shutting Down Business Operations In Nigeria by admax(m): 4:30pm On Sep 29, 2017

Most people don't know what constitutes investors hence i laugh when they just mention the words any how.

Investors are sets of people who are interested in one thing only; Profit!

Investors are the same all over the world, the difference between them is their appetite and duration for/of taking risks. I commend their investors for allowing two years free service, who does that?

It will be difficult to convince a new set of investors to invest in the business again but it's achievable.

14 Likes

Re: Gomyway Is Shutting Down Business Operations In Nigeria by magoo10(m): 4:30pm On Sep 29, 2017
Over a thousand businesses have been shut down due to the ineptitudes of the clueless one,the dullard have partically de market the Nigerian economy.

27 Likes 1 Share

Re: Gomyway Is Shutting Down Business Operations In Nigeria by babacares: 4:30pm On Sep 29, 2017
honestly, its painful when i read the mail, it was also sent to me, dont like seeing businesses closing down especially when it has to do with younger generations

7 Likes

Re: Gomyway Is Shutting Down Business Operations In Nigeria by nwakibie3(m): 4:30pm On Sep 29, 2017
r
Re: Gomyway Is Shutting Down Business Operations In Nigeria by ivolt: 4:30pm On Sep 29, 2017
Taxi business is not for chicken-hearted.
Even uber is still running at a loss.

3 Likes

Re: Gomyway Is Shutting Down Business Operations In Nigeria by SmartyPants(m): 4:31pm On Sep 29, 2017
I would have thought such a thing would be rather unsuitable for the Nigeria market, given the current security challenges we tend to face

18 Likes

Re: Gomyway Is Shutting Down Business Operations In Nigeria by jeeqaa7(m): 4:31pm On Sep 29, 2017
Gomyway down.. Jumia hits losses
Less than 40 hours left and Dstv is a thing of the past

10 Likes

Re: Gomyway Is Shutting Down Business Operations In Nigeria by free2ryhme: 4:32pm On Sep 29, 2017
Our govt is not creating the enabling environment for entrepreneurs like this to grow.

this is sad

4 Likes 1 Share

Re: Gomyway Is Shutting Down Business Operations In Nigeria by mastercee(m): 4:33pm On Sep 29, 2017
I knew it! This business model is definitely not going to work in Nigeria
Re: Gomyway Is Shutting Down Business Operations In Nigeria by lonelydora: 4:33pm On Sep 29, 2017
They even tried to stay the numbers of years they stayed. Nigeria is not a place for such business model.

7 Likes

Re: Gomyway Is Shutting Down Business Operations In Nigeria by openmine(m): 4:33pm On Sep 29, 2017
Lothario:
Buhari ehn
grin grin no more GEJ?

5 Likes

Re: Gomyway Is Shutting Down Business Operations In Nigeria by chloride6: 4:33pm On Sep 29, 2017
Never heard of them untill today.

The latter glory was greater than the former grin

2 Likes

Re: Gomyway Is Shutting Down Business Operations In Nigeria by Harwoyeez(m): 4:34pm On Sep 29, 2017
Nawa oo..probably diligent feasibility wasn't carried out for sustainability
Re: Gomyway Is Shutting Down Business Operations In Nigeria by momodub: 4:34pm On Sep 29, 2017
Some business just can't keep up with nija factors

3 Likes

Re: Gomyway Is Shutting Down Business Operations In Nigeria by naijaisGOOD: 4:35pm On Sep 29, 2017
wow.. our govt need to do more and act now.. for real.. investors are leaving..








car owners within nigeria i think u need to see this out >>> https://www.nairaland.com/4086781/offline-navigation-map-cars-reverse#60947575
Re: Gomyway Is Shutting Down Business Operations In Nigeria by Nobody: 4:36pm On Sep 29, 2017
Buhari sef sad angry
Head of a useless APC government embarassed cry

7 Likes

Re: Gomyway Is Shutting Down Business Operations In Nigeria by stcool(m): 4:36pm On Sep 29, 2017
T0MMY:
Like if this is your first time of hearing about this company. undecided

Why wont it be your first time when all you do on the net is browse nairaland. grin

11 Likes

Re: Gomyway Is Shutting Down Business Operations In Nigeria by colli247(m): 4:37pm On Sep 29, 2017
paulstrings:
GoMyWay is a ride-sharing marketplace connecting passengers with ride owners going along the same route and have empty seats to spare.

Go My Way was founded by Damilola Teidi and Sim Shagaya Konga CEO on the board.

I registered on the platform in 2015 during my NYSC and I saw huge potential in the online ridesharing platform. It was one of the earliest ridesharing platforms in the country.

Jekalo {A CcHub ridesharing app} and GoMyWay launched around the same period, but I think GoMy way was more consistent and popular.

They might not have the resources like UBER and Taxify, but they have lots of dedicated subscribers and an excellent service.

Here is the mail I got from the CEO NICE ONE FROM APC LEAD GOVERNMENT

=================================================================================

Hi Paul ,

I hope you are doing well. It is with deep regret that I write this email to let you know that GoMyWay will be closing down. In this email, I'll let you know why we are closing as well as offer an alternative service. I hope you take a few minutes to read.

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.

I'm so proud of everyone that worked on GoMyWay. The business was blessed to have the most dedicated and hardworking staff who put in more than their time into this. Some of our users have come in contact with our staff, so they know I am not exaggerating. Thank you Yinka, Favour, Segun, Ope, Ayo, Busayo, Doyin and all the contract staff and interns that worked with us. God bless you immensely.

Lastly, I felt it would be unfair to leave you and other users hanging with no alternative; so, if you are resident in Lagos and in need of an affordable ride to/from work, please check out the guys at Shuttlers who run an affordable shuttle service for professionals. If interested, fill out their form HERE

Thank you very much, Paul; and please feel free to reply this email if you would like to reach me. I will try to reply to as many as possible.


With Love,

Damilola

GoMyWay.com
===========================================================================

My Opinion

If the Investors were actually pulling out, it could have been sourced to New investors instead of collapsing the entire platform.

Look at the statistics
12,000+ members.
106,630 rides.
Plenty great reviews across the internet.

With the above statistics, They pull in a new set of investors or go into partnership with another company.
I see that they are presently referring their customers to another platform{Shuttle.ng} which might suggest a partnership deal or something similar though they promised to keep the platform running till October 2017.

Whatever the reasons are, I feel GoMyWay could still be saved.

Source: http://lifeafternysc.com/gomyway-is-shutting-down-business-operations/

Re: Gomyway Is Shutting Down Business Operations In Nigeria by ChiefSweetus: 4:39pm On Sep 29, 2017
Was always a tricky model. Easy to implement in developed countries. Nigeria? Lol.
Good of them to have such lovely customer communication even to the very end.

3 Likes

Re: Gomyway Is Shutting Down Business Operations In Nigeria by gemale(m): 4:39pm On Sep 29, 2017
Just heard about the company for the first time still it's sad. People are gonna lose jobs.
Re: Gomyway Is Shutting Down Business Operations In Nigeria by kagari: 4:40pm On Sep 29, 2017
My instinct tells me this is a form of sympathetic marketing. I don't think they are leaving the market. I
Why leave the market now with such market base. might be wrong though

3 Likes

Re: Gomyway Is Shutting Down Business Operations In Nigeria by nextstep(m): 4:40pm On Sep 29, 2017
The notion of a running service while building a userbase haunts very many companies and it's hard to convince non-payers to become paying. Very few investors want see a company that costs a lot to run, with no revenues.

(1) (2) (Reply)

UPDATED: How To Make $900 Online Monthly. Get In Now. / N50 Stamp Duty: CBN Exempts Salary Accounts, Self-to-self Transactions / Binance Confirms Working With Tinubu Govt To Block Dollar-naira Exchange

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 42
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.