Deliveroo is to exit its Hong Kong operations through a sale of certain assets to foodpanda and the closure of other assets.
The online food delivery company, headquartered and listed in London, said the market it entered nine years ago was loss-making.
In 2024, Hong Kong represented 5% of group GTV and had a 5 percentage point negative impact on international GTV growth. The market remains adjusted EBITDA negative for it, according to the company.
Deliveroo Hong Kong has nominated liquidators to manage closure of the Hong Kong business and the remainder of its assets ‘in the most efficient way possible’.
Deliveroo Hong Kong’s platform will remain live until 7th April 2025.
“We want to thank all our employees, consumers, riders and restaurant and grocery partners who have been involved in our operations in Hong Kong,” said Eric French, Deliveroo COO.
“We have been proud to serve so many people such amazing food over the past nine years.”