Mudah.my unfazed by slower economy

KUALA LUMPUR: Online marketplace Mudah.my Sdn Bhd said the slowing economy is unlikely to affect the company’s business as people source for platforms where they can gain and save more money.
“When the economy is not that strong, people want to make more out of the things they have. This is the time when people look at making the best of the resources they have,” its CEO Gaurav Bhasin told reporters at an event to mark its ninth anniversary here yesterday.
Bhasin said the company basically generates its profits from the charges it imposes on professionals, such as car dealers and property agents, as well as from advertisement revenue.
“We charge the professionals to pay us, we don’t charge the individuals,” he said, noting the company has recorded double-digit growth in revenue for the past few years.
“Revenue wise, we are growing. This year, we expect to be stronger than last year,” he added.
Bhasin said the weakening of the ringgit will not affect its business significantly, as the goods are only traded within the country and the transactions are not exposed to foreign currency movements.
“We are lucky because we only focus on Malaysia. We actually do not encourage trade across borders because it is going to be difficult for the person to check whether the item is real or not.
“So we (the company) and the users are not much affected by the weakening of the ringgit. The economic cycle does not hit us that much,” Bhasin said.
As of October this year, Mudah.my receive 7.5 million unique visitors monthly, from both desktop and mobile users, with 1.4 million unique sellers in the last 12 months, which has grew 29% year-on-year.
Unique visitors and sellers refer to visitors who repeatedly visit the website.
Launched in 2007, Mudah.my provides Malaysians with an online marketplace for buying and selling of new goods and “pre-loved” items, including mobile phones, musical instruments, cars, as well as properties.
Mudah.my is a part of the portfolio of online marketplaces owned by 701Search Pte Ltd, a joint venture involving Singapore Press Holdings Ltd, Schibsted Media Group and Telenor Group.