Food delivery platform Deliveroo to exit Hong Kong market in April

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 to manage closure of the business and the remainder of its assets in the most efficient way.

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 the Hong Kong market and obtained a significant share.

“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.”