Its ultimate target is to be an exit via IPO.
In its crowdfund page, Appetise said, "The sector is dominated by Just Eat (market cap £5.4bn), which charges its restaurant partners joining fees of up to £699 and up to 14% commission, and its customers 50p service fees. With no exclusivity arrangements between restaurants and Just Eat, we saw an opportunity to take market share with a better deal for restaurants and customers: our customers pay no fees and can make savings with our loyalty scheme, and our commission to restaurants is only 10% with no joining fees."
"Our only fixed costs on each order are card processing fees and we have no involvement in cooking or delivery. Unlike Deliveroo, no capex is required to run a delivery fleet so we believe our model is low cost and easily scalable," the company added.
From 2016, Appetise focused on improving the platform and concentrating its restaurant base in Birmingham. As a result, this work has reportedly put the online takeaway site in a strong position for an aggressive marketing push to expand rapidly to other key regions and grow revenues with our ultimate target being an exit via IPO.
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