Kaodim has introduced that its firm and all affiliate platforms will now not be operational from July 1, 2022.
Co-founder and CEO Choong Fui-Yu cited the results of the extended Covid-19 lockdown, which led to points resembling operational disruptions, labour shortages and better working costs on the service supplier facet, as having impacted its enterprise and high quality of companies.
“More recently, these challenges have compounded further with inflation and rising costs. This has affected customer demand, service provider fulfilment, margins and in turn, our earnings,” Choong mentioned in a note posted on the Kaodim web site.
Choong added the challenges has led the corporate to really feel that it may well “no longer grow the business meaningfully”.
He mentioned staff will probably be supplied with discover and severance funds.
Kaodim began out as a web based platform for customers to discover and guide companies starting from plumbers, electricians, and movers to photographers in 2014. Then the corporate launched the Kaodim – Hire Services app within the following yr.
In 2016, the corporate announced that it had raised US$4mil (RM17.57mil) via Series A financing led by Jakarta-based Venturra Capital with Beenext, 500 Startups and East Ventures. At the time, the corporate boasted that it was providing 85 varieties of companies on its platform.
The firm had additionally expanded its companies to Singapore, Indonesia and Philippines.
According to its FAQ, the corporate mentioned all accounts and knowledge will probably be erased after June 30. For any bookings made after June 30, prospects are required to make cost in money straight to the service supplier.
The FAQ was offered for each vendors and customers to be taught in regards to the subsequent steps after the corporate introduced that it’s shutting down.
