Cocolive, Inc.
137A・Growth Market・Information & Communication
Business
Cocolive Inc. develops and provides in-house a marketing automation tool called "KASIKA" for the real estate industry (excluding rental) as its mission, operating as a BtoB cloud service company. Its main customers span three areas: "construction companies/homebuilders," "real estate sales brokerages," and "condominium developers," and the domestic real estate transaction business has a large potential market with 66,942 companies and 352,108 employees. Since launching its service in May 2017, the company listed on the Tokyo Stock Exchange Growth Market in February 2024. As of the end of May 2025, the number of paying client companies reached 1,181, with MRR reaching ¥108 million.
Business Model
KASIKA charges via a subscription model based on either a per-store fee (¥50,000 per month per store) or a per-user fee (¥50,000 for up to 10 users, plus ¥5,000 per additional user from the 11th onward), generating recurring revenue. In addition to an initial fee of ¥50,000, the company aims to boost ARPU through optional features such as SMS sending and AI valuation options, priced at ¥10,000 per month. While no minimum contract period is imposed in order to lower the psychological barrier for customers, the Customer Success department provides ongoing support, maintaining a low monthly churn rate (annual average) of 1.1%. Sales channels have also been expanded beyond direct sales to include agency partners such as LIXIL.
Company Strengths
Through UI and functional design specialized for the customer follow-up challenges of the real estate industry, the average monthly churn rate (annual average) as of the end of May 2025 was maintained at a low 1.1%. Despite a contract structure that does not include a non-cancellation period, continuous support from the Customer Success department—including individual training sessions and sharing of success cases—supports customer retention.
For FY2025 (ending May 2025), the company achieved operating income of ¥280 million against net sales of ¥1,302 million (operating margin of approximately 21.5%). The company maintains an equity ratio of 83.85% and holds cash and cash equivalents of ¥878 million, while maintaining debt-free management with zero interest-bearing liabilities. Operating cash flow was positive at ¥221 million, reflecting a financial structure capable of supporting business operations through internal funds.
In October 2021, the company obtained ISMS certification (ISO/IEC 27001:2013) covering its Tokyo head office and Osaka branch. It continues to strengthen information management, including customers' personal information, under audits by external auditing bodies, building a foundation of trust that allows real estate companies to use the service with confidence.
ENVALITH's Perspective
Performance Trend
Revenue maintained an uptrend, rising from ¥1,028 million in FY2024 (ending May 2024) to ¥1,302 million in FY2025 (ending May 2025) (+26.7%), and to ¥1,447 million in FY2026 (ending May 2026) (+11.2%), though the growth rate decelerated. Operating profit fell sharply in reversal, from ¥279 million in FY2025 (ending May 2025) (+30.0%) to ¥197 million in FY2026 (ending May 2026) (-29.3%). The main cause was that both cost of sales (primarily labor costs) and SG&A expenses expanded at a pace exceeding revenue growth. As an external factor, changes in home-buying sentiment due to rising mortgage rates and elevated construction material costs affected the industry environment. Operating CF contracted from ¥221 million to ¥120 million. The FY2027 (ending May 2027) forecast calls for revenue of ¥1,601 million (+10.7%) and operating profit of ¥167 million (-15.1%), pointing to a third consecutive year of declining profit.
Growth Strategy
Expanding the customer base and transitioning to a highly profitable business structure through KASIKA feature enhancement, expansion into adjacent areas, and agency partnerships
The company continues sales activities across all target areas, including homebuilders and house manufacturers, real estate sales brokerage, and condominium sales. It aims to improve sales efficiency and expand its customer base by diversifying deal-sourcing channels through prospective customer referrals from financial institutions and inbound inquiries.
The company published a feature enhancement roadmap covering AI utilization and API integration with other SaaS products, aiming to reduce churn and increase ARPU by enhancing added value. The increase in communication costs within cost of sales (from ¥138 million to ¥170 million) reflects expanded infrastructure investment.
The company is strengthening collaboration with existing agencies to accelerate customer acquisition in a way that complements its own sales resources. Deals sourced through agencies are also expected to improve sales cost efficiency, contributing to restraining the pace of increase in selling, general and administrative expenses.
In addition to its existing real estate transaction business, the company is expanding the scope of KASIKA's application into adjacent areas such as serviced senior housing and renovation, aiming to expand its TAM (total addressable market). This also helps reduce the risk of dependence on a single industry.
The company has positioned FY2027 (ending May 2027) as a "run-up period for capturing continuously expanding demand, converting it into overwhelming future profits, and building the highly profitable business structure needed for a leap forward," aiming to transition into a phase of recovering upfront investment costs. The FY2027 (ending May 2027) forecast still projects a decline in operating profit to ¥167 million (down 15.1%).
Last updated: July 17, 2026