Its UK-based parent company said its service platform will run until April 7, and it will sell some assets to rival Foodpanda.
“There are several dynamics specific to the Hong Kong market which led the Board to consider strategic options,” Deliveroo said in a statement, without explaining what the dynamics were.
“[G]iven the Group’s commitment to disciplined capital allocation, [we] determine that it would not serve shareholders’ best interests to continue to operate in Hong Kong.”
The company’s chief operating officer, Eric French, said the firm wants to thank all of its staff, consumers, riders and restaurant and grocery partners in Hong Kong.
Meanwhile, Foodpanda’s parent company said it reached an agreement with Deliveroo, saying that some of the outgoing food courier’s customers and riders will be directed to Foodpanda.
Deliveroo’s Hong Kong market share fell after the entry of mainland-based Keeta, a subsidiary of Meituan, in late 2023.
