Dear customers, service providers, employees, investors and partners,
Kaodim started with the idea of building the next generation of digital SMEs in the home services space. Our mission was to create the greatest experience for customers and to help service providers grow through technology. With your support, we were able to build the best version of what we imagined Kaodim to be.
So it is with a heavy heart that we announce that from 1 July 2022, Kaodim and all its affiliate platforms will no longer be operational.
While this is not the result we wanted, we accomplished many things that we are very proud of – made possible through the passion and commitment of our very talented team who poured their heart and soul into Kaodim.
We elevated the experience of hiring home services to new heights. We brought greater trust, transparency, quality, speed and convenience to millions of customers looking for help with their homes. And we delivered this delightful service with class leading finesse through our functional and beautiful mobile-first platforms.
We created job and business opportunities worth hundreds of millions for our service providers. Crucially, we did so by empowering and helping them improve their craft, so they could in turn deliver better services to customers. This is something that we will always care deeply about. We hope and believe that these improvements will endure with them, even after Kaodim.
Through all this, we built a regional business with a presence in 4 key markets across South East Asia. We became the leaders in the home services space and were privileged to be backed by some of the best regional and international investors.
Which brings us to today. Although our recent recovery has been strong, the last 2+ years have been incredibly challenging. The prolonged COVID lockdowns and their “knock on” effects in the form of operational disruptions, labour shortages and higher running costs (especially on the service provider side) have significantly impacted our business and the quality of service we are able to deliver. More recently, these challenges have compounded further with inflation and rising costs. This has affected customer demand, service provider fulfillment, margins and in turn, our 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. We feel strongly that this is the best way for us to honour our obligations to employees, by providing all we can in notice and severance payments. In the same way, to our customers, service providers, investors and partners, we believe that ceasing operations, while painful, is better than having to compromise on the level of service that we have constantly strived for and delivered – and which has been the driver of our growth all this time.
This is our way of staying true to our mission and the trust that has been placed on us, and we will not settle for less.
We did not come to this conclusion lightly. Indeed, we considered and exhausted all options that were available to us. We are tremendously proud of everything we have achieved, and forever grateful to all of you who came along with us on this journey.
We offer our apologies for anything that we could and ought to have done better. And we thank you once again for your faith and support.
Choong Fui Yu,
Co-founder and CEO