Sidecar Going Out of Business; Ceasing Operations on December 31
Sidecar, the pioneer in ride-sharing concept will be closing at the end of this year. Its four year journey from 2011to 2015 was a difficult one as the San Francisco company had to face strong competition from big operators like Uber and Lyft which squeezed it out of business.
Lesser known Sidecar will cease its operations and will stop offering rides as well as goods delivery service from December 31, 2015 said Sunil Paul, its founder and CEO in an announcement on Tuesday.
A blog post from co-founders Sunil Paul and Jahan Khanna says that the move in this direction will help in paving way for the "next big adventure in 2016."
According to Paul and Khanna, "Shutting down the Sidecar service is a disappointment for our team and our fans. The impact of our work, however, will be felt for generations to come."
Sidecar, an early entry in the world of ride-hailing app raised a funding of $35 million from some big venture capital firms. The company then branched out to several U. S. cities. However, it did was not successful in drawing large funding like its bigger rivals Uber and Lyft.
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