East Ventures-backed Kaodim brings the curtains down on its native providers market

[ad_1]

The COVID-19 disaster has claimed one other startup sufferer in Southeast Asia. Kaodim Group, a web-based market for native {and professional} providers within the area, has introduced that it’s shutting down its operations.

The extended pandemic-induced lockdowns and their knock-on results in operational disruptions, labour shortages and better working prices led to this example. Kaodim thought-about and exhausted all choices earlier than taking the acute step, its Co-Founder and CEO Choong Fui Yu stated in a message on its web site.

“So it’s with a heavy coronary heart that we announce that from July 1 2022, Kaodim and all its affiliate platforms will now not be operational,” he stated.

Additionally Learn: GoBear shuts down amidst decreased demand for its monetary merchandise, providers

“Though our latest restoration has been robust, the final 2+ years have been extremely difficult. The extended COVID lockdowns and their “knock-on” results within the type of operational disruptions, labour shortages and better working prices (particularly on the service supplier facet) have considerably impacted our enterprise and the standard of service we’re capable of ship. Extra not too long ago, these challenges have compounded additional with inflation and rising prices. This has affected buyer demand, service supplier success, margins and in flip, our earnings. Finally, we really feel that we will now not develop the enterprise meaningfully for the long run, in step with our mission and ambitions,” the CEO added within the message.

Based in November 2014 by Jeffri Cheong and Choong Fui-Yu, Kaodim operated as a web-based platform to supply a solution to rent lots of of providers — from home cleansing and residential renovation to pictures. Customers had been matched immediately to a extremely rated service supplier at a aggressive mounted packaged worth.

The agency operated as Kaodim in Malaysia and Singapore, Gawin within the Philippines, and Beres in Indonesia.

In November 2017, Kaodim raised US$7 million in a funding spherical led by Sq. Peg Capital and an affiliate of SIG Asia Funding. Beforehand, it obtained a US$4 million Sequence A spherical led by Venturra Capital, with participation from Beenext, 500 International and East Ventures in November 2015.

For the reason that pandemic struck, many high-profile startups within the area have ceased their operations. Amongst them are Singapore-based Honestbee (grocery supply), Singtel-owned HungryGoWhere (restaurant reservations), and GoBear (monetary merchandise comparability); Indonesia-based Sorabel (vogue e-commerce), Ethereal (finances resorts aggregator), and Stoqo (meals substances supplier).

—

The submit East Ventures-backed Kaodim brings the curtains down on its native providers market appeared first on e27.

[ad_2]

Source link