Ride-hailing startup Fasten announced shutdown

Ride sharing and ride-hailing services have revolutionized travel for millions of people and upended the business model of existing Taxi services. While the market is dominated by big names like like Uber and Lyft in North America and others like Ola in India, smaller players are also trying to carve out a niche.

Fasten, a Boston, MA based Rideshare startup operating in Boston and Austin announced it was shutting down  after being acquired by Vezet Group, a ride-hail company in Russia.

In a blog post, making the announcement, Co-founders, Kirill Evdakov, Vlad Christoff, and Roman Levitskiy confirmed the announcement

With heavy hearts, we are writing to let you know that as of 12am on Monday, March 5th, we will be shutting down all operations in Austin and Boston. Fasten has agreed to be acquired by Vezet Group, one of the top ten ride-hailing companies across the globe. While they will be using our brand and our technology to grow their business in other parts of the world, they will be freezing our operations in the U.S.

For us, it’s always been about more than just getting you from point A to point B. We created this business to bring change to the ride-hailing industry. We wanted to help drivers earn more of the fare, and we wanted to give you a better choice. We believe we’ve made real progress with the 5 million rides we’ve completed together.

As we say goodbye, we ask that you make a conscious choice when it comes to ride-hailing. We know why you chose Fasten, and our hope is that you’ll continue to think about the drivers who are doing this to make ends meet and of how rideshare companies treat their people.

Terms of the deal were not disclosed. And the reason for the shutdown is not immediately clear though the announcement came after acquisition by the Russian company, and the co-founders are also of Russian origin.

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