Deliveroo Shuts Australia Business On Account Of Poor Patronage: Report

British online food delivery company Deliveroo PLC DROOF has decided to close its Australian business, succumbing to its competitors.
The company failed to secure enough orders to stay in business against rivals, including Uber Technologies, Inc. UBER Uber Eats and Menulog.
Deliveroo Australia Pty, Bloomberg reported, will stop trading. Australia accounted for 3% of the food delivery company’s total gross transaction value.
Deliveroo in October lowered its outlook as the pandemic-induced surge in food orders came down after restrictions were eased.
Deliveroo had also announced plans to exit the Dutch market in November end.
Price Action: DROOF shares closed at $1.00 On Tuesday.