Deliveroo Plc will close its Hong Kong business after weak sales and mounting competition in the city weighed on the company’s international division.

Deliveroo has also noted that it will be selling part of its assets to foodpanda, a rival food delivery platform gaining more traction in the local market.

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

Online food delivery firm Deliveroo said on Monday it is leaving Hong Kong for financial reasons, after operating in the SAR for nine years. Its

(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.

It’s a sad day for everyone. Deliveroo, one of the biggest food delivery platforms in Hong Kong, has just announced that it will be exiting Hong Kong. Its last day of operations will be on April 7.

The London-based delivery company will sell some assets to rival Foodpanda, owned by Delivery Hero SE, and close other assets, it said in a statement on Monday.

Hongkonger Tam Yuen has earned an average of HK$50,000 (US$6,435) per month from food deliveries alone, even as he has a full-time remote job. The motorcyclist, 40, said on Monday that he had been relying on Foodpanda and Meituan’s Keeta to supplement his income while witnessing trickling orders from Deliveroo Hong Kong,