Deliveroo to pull out of Hong Kong

Deliveroo is to exit its Hong Kong operations after shareholders concluded “it would not serve [their] best interests” to continue trading in the region.

Deliveroo Hong Kong has nominated liquidators to manage its closure after selling some of its assets to the German-owned Singaporean rival Foodpanda, which operates in more than 400 cities across 11 markets in Asia.

It comes after the British food delivery platform pulled out of Australia and the Netherlands in November 2022 as a result of tough competition with local companies offering similar services.

In an update published on London Stock Exchange, Deliveroo stated the decision to exit Hong Kong arose from “several dynamics specific to the market”.

Deliveroo launched in Hong Kong in 2015 as part of a rapid international expansion plan that also saw it reach Australia, Belgium, France and Germany.

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 also remained negative after adjusted earnings before interest, taxes, depreciation and amortisation. 

Eric French, chief operating officer at Deliveroo, 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 Hong Kong will remain live until 7 April 2025.