ENVALITH
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Manabi-aid Co., Ltd

184A・Growth Market・Information & Communication

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株式会社学びエイド logo
Manabi-aid Co., Ltd184A

Business

Manabi Aid Inc. is an EdTech company established in 2015, operating a single-segment education digital business. Three services—"Manabi Aid Master" (for individual to mid-sized cram schools), "Manabi Aid Master for School" (a customized version for mid-sized to major cram schools), and "Manabi Aid for Enterprise" (video lesson production and distribution services for education-related businesses)—account for 96.7% of revenue. The company holds a video content library of over approximately 70,000 lessons in a micro-lecture format of 5 minutes per unit, leveraging a network of more than 110 (subject-equivalent) elite instructors known as "Tetsujin" instructors. Listed on the TSE Growth Market in May 2024. Main customers are education-related businesses such as cram schools, preparatory schools, and textbook publishers.

Business Model

Content is procured at low cost through revenue-share agreements with "Tetsujin" instructors (approximately 5% of sales apportioned to instructors), and provided to cram schools and other institutions on a subscription basis combining a monthly base fee plus student account fees, forming the stock-type revenue base. For major clients, customized development fees (flow-type revenue) are also added. Under "Manabi Aid for Enterprise," the company receives development fees, usage fees, and revenue share for video lesson production and distribution services. In FY2025 (ending April 2025), sales were ¥290 million and operating loss was ¥297 million, a sharp swing into deficit.

Company Strengths

Since its founding, the company has accumulated over 95,000 video segments combining the publicly available content of "Manabi-AID" and "Manabi-AID Master" with content produced for "Manabi-AID for Enterprise." Its network of more than 110 top-tier instructors (converted by subject) enables the production of original video content tailored to detailed customer needs. The company has obtained Privacy Mark certification (August 2022).

In contrast to conventional 60-90 minute long-form video lessons, the company has adopted a micro-lecture format of 5 minutes per segment. Features such as pinpoint viewing via keyword search and support for variable playback speed cater to the needs of Generation Z, who place emphasis on time efficiency. The company offers unlimited viewing of all subjects through a low-priced flat-rate plan starting at ¥898 per month, giving it price competitiveness as well.

In May 2025, the company entered into a capital and business alliance with Inayoshi Capital Partners and NOVA Holdings (payment completed in June 2025), with ICP acquiring 33.4% of issued shares. Through collaboration with the NOVA Group's nationwide network of classrooms covering English conversation schools, cram schools, and childcare facilities, the introduction of "Manabi-AID Master" into approximately 1,200 ITTO Individualized Instruction Academy locations is expected (planned for October 2025).

ENVALITH's Perspective

The FY2027 (ending April 2027) earnings forecast projects net sales of ¥708 million (up 93.5% year on year) and operating profit of ¥105 million, implying an almost doubling of sales and a swing to operating profit versus the prior period. This assumes deepened collaboration with the NOVA group, development of new services, and strengthened management through personnel reinforcement. However, given that "Gakumo Aid for Enterprise" fell short of plan in FY2026 (ending April 2026) due to the loss of a major deal, execution risk remains high. Strengthening the parent-subsidiary relationship following the completion of the tender offer will be key to achieving the plan.

Cash and cash equivalents at the end of FY2026 (ending April 2026) increased substantially to ¥459,872 thousand (from ¥29,956 thousand at the prior year-end), and the note regarding going concern assumptions in the financial statement notes was resolved. However, this relied on proceeds of ¥569,925 thousand from share issuance via a third-party allotment, and cash flow from operating activities remained negative at ¥(108,105) thousand. Amid continued market contraction pressure from the declining birthrate as an external environment factor, establishing the ability to generate funds independently is an urgent task.

In FY2026 (ending April 2026), "Gakumo Aid for Enterprise" saw a decline in sales to ¥89,258 thousand (down 23.6% year on year). It reportedly took longer than expected to rebuild order-taking activities following the loss of a major deal at the end of the prior period, exposing the risk of dependence on specific large customers. Meanwhile, "Gakumo Aid Master for School" has grown to account for 53.2% of sales, indicating progress in shifting the portfolio's center of gravity. That said, if concentration among several major cram school chains increases further, risks related to cancellations and price-reduction negotiations could become a new challenge.

Growth Strategy

Through deepened collaboration with the NOVA Group to expand sales channels and develop new services, the company aims to return to profitability in FY2027 (ending April 2027).

Based on the capital and business alliance formed in May 2025, the company introduced "Manabi-Aid Master" into the ITTO Kobetsu Shido Gakuin tutoring school chain starting October 2025. By leveraging the NOVA Group's nationwide classroom network and corporate sales channels, the company aims to expand its sales channels to reach new customer segments that were previously difficult to access. Following the completion of the tender offer in June 2026, a parent-subsidiary relationship was established, and acceleration of collaboration is expected.

The company is jointly developing new learning services that combine its know-how in video lesson and educational material development with the NOVA Group's know-how in cram school operations and expertise in language education. Through flexible product offerings tailored to users' life stages and learning objectives, the company aims to increase customer unit prices and maximize LTV. Development of a next-generation system platform is also being advanced in parallel.

The company continues to expand sales of its core service, which achieved a year-on-year increase of +148.0% in FY2026 (ended April 2026). With system platform construction and establishment of a success model as top priorities, the company aims to maximize revenue over the medium to long term. This service is positioned as a key driver toward achieving revenue of ¥708 million in FY2027 (ending April 2027).

The company is working to rebuild its order-taking activities following the impact of a large lost contract at the end of the previous fiscal year. While continuing to provide video lesson conversion and distribution services for educational materials to publishers and other education-related businesses, the company aims to build up new orders. In FY2026 (ended April 2026), results fell short of plan, and the pace of recovery needs to be closely monitored.

Last updated: July 17, 2026