Food delivery platform Deliveroo has announced that it will exit the Hong Kong market next month. From April 7 onwards, the on-demand delivery service will cease operations in the territories.
The Hong Kong market accounted for five percent of Deliveroo’s global transactions in 2024, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) for our territories remained in the red. Deliveroo did not cite specific reasons for exiting, but stated, “There are several dynamics specific to the Hong Kong market which led the board to consider strategic options and [...] determine it would not serve shareholders' best interests to continue to operate in Hong Kong.”
The UK company has nominated liquidators to manage the closure efficiently. Competitor delivery platform Foodpanda has taken over some of Deliveroo’s assets and business operations. Deliveroo customers can now start using Foodpanda’s services to order from restaurants and grocery stores, and claim a $150 discount with the code PANDADEAL.
Deliveroo launched in Hong Kong in 2015, serving Hong Kong’s diners for close to a decade. The news of their exit comes less than two years after mainland Chinese food delivery service Keeta launched in Hong Kong in May 2023 and swiftly secured 44 percent of our food delivery market by order volume.
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