CyBERG to launch ʼFood For Free Anywhereʼ business model in Q4

Retail

CyBERG, a company listed on the Budapest Stock Exchangeʼs Xtend platform which runs Kajahu, a "social digital restaurant chain", has announced plans to launch its "Food/drinks For Free Anywhere" (3FA) business model in Q4 2020, according to a report by state news wire MTI.

CyBERG will try out a 3FA mobile application, developed drawing on the experience of its earlier digital platform as well as data from frontend units at restaurants, at the Kajahu location in Budapestʼs Corvin Promenade and two Coffeeshop Company locations in Austria. The app, dubbed AnyUpp, was developed using Flutter, Googleʼs user interface toolkit.

The "Food for Free" business model generates additional revenue through ads, commissions, cross-selling and subscription-only content. Revenue from such digital services could overtake food service revenue once the Kajahu franchise network reaches critical mass, according to CyBERGʼs strategy.

CyBERG noted that the subscription of a HUF 490 million corporate bond it issued by the investment arm of the state-owned Hungarian Development Bank (MFB) in August had reduced the necessity of drawing in additional capital through the issue of shares.

The company added that it had not renewed the lease of its other Kajahu location in Budapest and would not reopen the restaurant after the pandemic either.

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