Deliveroo exits Hong Kong, selling assets to Foodpanda due to consistent losses and market challenges. Despite efforts to expand, Hong Kong operations made up only 5% of global transactions. The company will close remaining assets and wind up its business by April 7.
British food delivery giant Deliveroo has announced it will exit its Hong Kong operations by selling certain assets to Delivery Hero's foodpanda. The deal, valued at an undisclosed amount, marks the end of Deliveroo’s presence in the region. The company will also close other assets in Hong Kong.
In a statement, Deliveroo explained that several factors specific to the Hong Kong market led the company to make this decision. Despite efforts to expand, its Hong Kong operations were consistently loss-making and accounted for only about 5% of the company's global transactions.
Deliveroo has appointed liquidators to wind up its remaining Hong Kong businesses that were not sold to foodpanda. The platform will continue operating until April 7, allowing users to complete any outstanding orders before the closure.
The move reflects broader challenges faced by international food delivery companies in Hong Kong, as competition intensifies and market conditions become more difficult. Deliveroo's exit from the city highlights the ongoing strategic adjustments these companies must make to align with profitable markets.
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