The First and Last Mile (FMLM) problem is a significant transportation issue for many cities. While numerous solutions have been suggested, there are still many drawbacks regarding the proposed solutions’ travel cost, route, schedule, distance, time, comfort, convenience, security, and safety. A better solution is undoubtedly needed to sustain a reliable public transport system. The shared-ride taxi service is one of the best alternatives for tackling the FMLM problem with lower costs, higher occupancy, faster, more flexible, and convenient transportation. Therefore, this paper aims to formulate a bi-objective mathematical model for local-based FMLM static shared-ride taxi service to consider both the aspects of supply and demand. As a novel solution, the model maximises the taxi operator’s profit margin and the passenger’s travel cost savings. The developed model can generate optimal fleet size and operating routes to meet the requests of passengers in the operating networks. The computational results of a case study show that the profit margin of the taxi operator could reach up to $1134.44 daily while generating a savings of 46% for passenger travel costs. In conclusion, the findings reveal the potential benefits of operating a shared-ride taxi service as a practical transport mode to tackle the FMLM problem.