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On-demand food delivery platform will shut on April 7; company cited tough competition and financial losses as reasons for closure.

Food delivery firm Deliveroo said Monday that it would end operations in Hong Kong next month after striking a deal with local competitor foodpanda. Deliveroo will close its operations by selling some assets to Singaporean firm foodpanda and by closing other assets,

Deliveroo announced its exit from the Hong Kong market this morning, via a sale of some assets to Foodpanda and the closure of other assets.

Analysts at Panmure Liberum said Deliveroo's exit from Hong Kong was a "sensible" move as concerns the company could be pushed out of some international markets by better-funded rivals were "noise"

(Reuters) -British meal delivery company Deliveroo said on Monday that it will exit its Hong Kong operations by selling some assets to Delivery Hero's foodpanda for an undisclosed amount, and by closing other assets.

British online food delivery company Deliveroo will pull out of the Hong Kong market next month, after nine years. It told customers it was unable to provide a “great service,” while a press release said continued operations in Hong Kong did not serve their shareholders.