On-demand food delivery platform Deliveroo will exit the Hong Kong market next month through a sale of certain assets to rival Foodpanda amid punishing competition.
Deliveroo said on Monday that it had nominated liquidators Cosimo Borrelli and Jocelyn Chi from Kroll, a financial and risk advisory firm, to manage closure of the business and the remainder of its assets “in the most efficient way possible”.
Deliveroo Hong Kong’s service will end on April 7, bringing a nine-year run in the market to a close.
The development comes less than two years after mainland Chinese rival Meituan’s Keeta entered Hong Kong and obtained significant market share.
Meituan, China’s largest food delivery company, operates the Keeta brand in Hong Kong and Saudi Arabia and is listed on the city’s stock exchange.
“We want to thank all our employees, consumers, riders and restaurant and grocery partners who have been involved in our operations in Hong Kong,” Deliveroo chief operating officer Eric French said.
“We have been proud to serve so many people such amazing food over the past nine years.”
