Choong explains that Kaodim’s decision to shutter its doors was due to the prolonged COVID-19 lockdowns that lasted over two years. This resulted in operational disruptions, labour shortages and high running costs, which have greatly impacted both its business and quality of service. He adds that the company’s situation continued to worsen due to inflation and ever rising costs. “This has affected customer demand, service provider fulfilment, margins and in turn, our earnings,” Choong writes. “Ultimately, we feel that we can no longer grow the business meaningfully for the long term, in line with our mission and ambitions.” The CEO further states the company will honour its obligations to employees by providing notice and severance payments. In an address to its customers, service providers, investors and partners, Choong iterates that ceasing operations is the better decision than “having to compromise on the level of service that [Kaodim] have constantly strived for and delivered”. A startup company founded in Malaysia back in 2014, Kaodim eventually grew and expanded its presence across other Southeast Asian countries including Singapore, Indonesia, and the Philippines. Unfortunately, with its upcoming closure, the company’s establishment as an online home services marketplace will soon come to an end eight years after its formation. (Source: Kaodim [1] [2])
