Big news for those tracking the tech and food delivery landscapes—Meituan’s Keeta is about to shake things up in Saudi Arabia. Mark your calendars for 11 a.m. local time on September 9th, because that’s when Keeta will start its engines in a brand new market.
Keeta’s Journey from Hong Kong to Saudi Arabia
Last May, Meituan didn’t just dip its toes but dove headfirst into the international scene with its new brand, Keeta, launching in Hong Kong. It started small, just covering Mong Kok and Tai Kok Tsui, but didn’t take long to spread out to every nook and cranny of Hong Kong—Kowloon, Hong Kong Island, and the New Territories were all on the map by October 25th.
A Quick Look at Keeta’s Success in Hong Kong
Fast forward to now, and the numbers are telling a compelling story. According to Measurable AI, by March 2024, Keeta managed to grab a whopping 44% slice of the market share pie in Hong Kong, making it the leading food delivery platform there. That’s no small feat in a city known for its fierce competition and endless food options.
Meituan’s Financial Growth Amidst Expansion
Keeta’s growth spurt isn’t just a fluke. Meituan’s latest financial sheets from the second quarter of 2024 paint a picture of a company on the rise. They pulled in a cool 82.25 billion yuan in revenue, up 21% from last year. And get this—their adjusted net profit skyrocketed by 77.6% to hit 13.6 billion yuan.
Breaking Down the Numbers
Digging deeper, Meituan’s core local services are the backbone of their revenue, which grew by 18.5% to reach 60.7 billion yuan. Their operating profit isn’t lagging either, up by 36.8% to 15.2 billion yuan, which bumps their operating margin up by 3.3 percentage points to a solid 25.1% for the quarter. That’s the kind of growth that gets investors and competitors to sit up and take notice.
What Does This Mean for Saudi Arabia?
So, what’s the buzz about Keeta hitting Saudi Arabia? It’s more than just another market; it’s a test of how well Meituan can adapt its recipe for success to a vastly different cultural and economic landscape. If they can replicate even a slice of their success from Hong Kong, food delivery in Saudi could be in for a major transformation.
As we watch Keeta take this bold step, it’s clear that Meituan is not just expanding its geographical footprint; it’s making a statement. They’re not just in the game—they’re playing to win. Stay tuned, because the food delivery war just got a new battleground.
