Service marketplace Kaodim Group is ceasing operations in its four markets – Malaysia, Indonesia, Singapore, and the Philippines – on July 1.
Kaodim co-founders Choong Fui-Yu (left) and Jeffri Cheong / Photo credit: Kaodim
Choong Fui Yu, co-founder and CEO of Kaodim, explained that prolonged lockdowns during the pandemic and the resulting operational disruptions, labor shortages, and higher running costs – particularly for service providers – significantly impacted the business and its quality of service. He also pointed to inflation and rising costs, which affected customer demand, service provider fulfillment, margins, and earnings.
“Ultimately, we feel that we can no longer grow the business meaningfully for the long term, in line with our mission and ambitions. Against this backdrop, we reluctantly but consciously arrived at the difficult decision to cease operations,” he said.
Kaodim employees will be given notice and severance payments.
Users and vendors will no longer be able to log in after June 30, while booked jobs will need to be resolved directly between users and vendors. The firm is also still resolving outstanding payments with its vendors. It also shut down its on-platform payment system KaodimPay.
The company was founded in 2014 by then-lawyers Yu and Jeffri Cheong, inspired by US-based Thumbtack. Kaodim’s existing backers include 500 Startups, East Ventures, and Venturra Capital.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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