In a statement, the UK-listed food delivery business said it decided to exit the Hong Kong market through a sale of certain assets to Singaporean delivery platform Foodpanda and the closure of other assets.
Liquidators have been nominated by Deliveroo Hong Kong to manage closure of the Hong Kong business and the remainder of its assets in the most efficient way possible.
Delivery Hero, parent company of Foodpanda, has confirmed the acquisition of selected assets from the liquidators.
Deliveroo said there are ‘several dynamics specific to the Hong Kong market’ that led the board to consider strategic options and determine it would ‘not serve shareholders’ best interests’ to continue to operate in Hong Kong.
In 2024, Hong Kong represented 5% of group gross transaction value (GTV) and had a five-percentage point negative impact on international GTV growth.
The market remains adjusted EBITDA negative.
Eric French, Deliveroo chief operating officer, said: “We want to thank all our employees, consumers, riders and restaurant and grocery partners who have been involved in our operations in Hong Kong.
“We have been proud to serve so many people such amazing food over the past nine years.”
Deliveroo launched in Hong Kong in 2015. It’s platform in the region will remain live until 7 April 2025.