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Zomato withdraws from the Philippines

(Source: Bigstock)

Indian restaurant aggregator and food-delivery company, Zomato, has exited the Philippines after a decade of operations.

The company announced its Philippines departure on February 2 on its website, which is no longer operational. The reason behind the move was not disclosed. The decision came about two years after the company halted its Zomato Pro membership program in the Philippines and Indonesia. 

“It has been a great run but we have, sadly, stopped our operations here,” Zomato said on the website, adding it will remain its operations in India and UAE. 

Zomato expanded into the Southeast Asian country in 2013, marking its first presence in the region. 

The company reported a narrower loss for the second quarter of last year thanks to a rise in volumes and value of online orders. Indian food-delivery firm Zomato acquired local grocery-delivery startup Blinkit for US$568.16 million in an all-stock deal last year. 

According to Philippines Market Research, the food-delivery market was estimated to generate approximately $333 million in revenue last year.

Grab Food took over Foodpanda in March to become the biggest competitor in the market with 51 per cent of the market share. Meanwhile, fast food restaurant companies McDonald’s and Jollibee dominate the restaurant-to-consumer delivery business.

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