Nigerian ride-sharing startup GoMyWay has announced plans to shut down operations.

The socially responsible startup which has kept afloat for two years, is finally bowing out of the on-demand ride-sharing business.

GoMyWay's service helps passengers in Lagos and other states in Nigeria to book a ride with a vehicle owner who is going the same route.

The startup built its model in such a way as to pull in a lot of customers before thinking of monetizing it. Investors have however declined to continue funding the startup.

In an email to subscribers GoMyWay co-founder and CEO, Damilola Teidi said, “It is with deep regret that I write this email to let you know that GoMyWay will be closing down….Over the last 2 years, the team put in time and effort to growing the business and building a trusted ridesharing community.”

“The plan by its Shareholders/Investors was to run a free service for a year or two, and focus on growing the user-base,” Teidi added.

ALSO READ:An app that lets you order ‘Okadas’ on-demand has launched

The platform which allowed the drivers to earn little amounts from co-travelers to cover travel expenses while also making friends and business partners potentially, as they commute intra-state and inter-state at a cheaper rate for its riders.

GoMyWay was able to record an increase of members from 1000 in its first few months to 12,000+ in subsequent months.

A total of 106,630 rides were offered with rides shared across 16 states posed good traction and growth opportunities for the social startup.

GoMyWay will offer the service until end of October 2017 when the sign up pages and customer support will be removed.

Pulse has reached out to Damilola Teidi for comments but is yet to get a response.