ENVALITH
クラシル株式会社 logo

kurashiru inc.

299A・Growth Market・Services

クラシル株式会社 logo
kurashiru inc.299A

Business

Kurashiru, Inc. (formerly dely, Inc.) is a platform operator that runs Japan's largest-scale recipe video service "Kurashiru" (cumulative downloads exceeding 45 million), the reward-based purchase promotion app "Reshichalle," the lifestyle media "TRILL," and the creator management business "LIVEwith." The company covers approximately 93% of national food and beverage brand manufacturers and 35,000 retail stores nationwide, providing digital sales promotion solutions to both manufacturers and retailers. Its core user base consists mainly of consumers in their teens to fifties with high purchasing awareness, centered on women. The company listed on the Tokyo Stock Exchange Growth Market in December 2024.

Business Model

A funnel-type model that builds a large user base in the media domain (advertising, tie-ups, paid subscriptions) and directs those users toward the purchasing domain (receipt-challenge revenue and affiliate revenue). The company receives promotional budgets from food and beverage manufacturers and retailers, and provides performance-based marketing through point rewards to users. The structure, which allows media assets to be converted to the purchasing domain at low cost, is enhancing revenue efficiency. In FY2026 (ending March 2026), the purchasing business's share of sales expanded to 35.5% (+10.7pt year on year).

Company Strengths

Holds business relationships with 28 of the top 30 food and beverage companies by revenue (approximately 93%), and covers 35,000 retail stores, primarily supermarkets and drugstores. This customer base forms an entry barrier that is difficult for competitors to replicate in a short period, and serves as the foundation for increasing ARPU from existing customers and expanding new business opportunities.

The combined Web/App MAU of "Kurashiru" and "Rechicha" (Recipe Challenge) totaled approximately 35 million (average for the January–March 2026 quarter). Rechicha-related MAU expanded from 2.23 million at the end of FY2025 (ended March 2025) to 3.16 million at the end of FY2026 (ending March 2026), increasing for four consecutive quarters. The company holds a multi-layered reach base, including cumulative app downloads exceeding 45 million and combined SNS followers of 12 million.

At the end of FY2026 (ending March 2026), cash and cash equivalents stood at ¥11,599 million, with net assets of ¥13,246 million. The company operates debt-free with no interest-bearing liabilities, and operating cash flow was a positive ¥2,869 million. It has the financial flexibility to fund advertising expenses, personnel costs, and M&A activities from its own capital, and has a track record of executing five M&A deals since its founding.

ENVALITH's Perspective

For FY2026 (ending March 2026), net sales reached ¥17,001 million (up 29.8% YoY), operating profit was ¥3,463 million, and net income attributable to owners of parent was ¥2,461 million (up 45.5% YoY), with both sales and profit substantially exceeding the prior period. The purchasing business expanded rapidly, up 85.7% YoY, raising its share of full-year sales to 35.5%, which quantitatively confirms the higher value-added nature of a revenue structure that has moved away from advertising dependence. As an external tailwind, the market environment of accelerating digitalization of domestic retail media has provided support.

According to company guidance, net sales for FY2027 (ending March 2027) are projected at ¥21,368 million (up 25.7% YoY), continuing high growth, while Non-GAAP operating profit is projected at ¥3,716 million (up 2.6% YoY), indicating a significant slowdown in profit growth. Increased amortization of goodwill and intangible assets associated with M&A such as the acquisition of the VTuber business, as well as upfront investment in new businesses, may weigh on profit. As the divergence between sales growth and profit growth widens, it is necessary to carefully assess the outlook for investment recovery.

Policy changes at external platforms such as Apple and Google, as well as changes in internet-related laws and regulations, remain risks that directly affect user acquisition costs and the revenue model of the media business. In addition, the high degree of management dependence on the Representative Director and President is a structural risk that institutional investors should monitor closely. On the other hand, financial safety margins—an equity ratio of 78.3% and cash and cash equivalents of ¥11,599 million—provide a certain degree of resilience against these risks.

Growth Strategy

Aiming for non-linear growth through three pillars: user base expansion, deepening of purchasing/promotion business, and M&A

MAU related to Rechicare reached 3.16 million (up 260 thousand from the previous quarter) at the end of FY2026 (ending March 2026). PV has been trending favorably due to continuous improvement in in-house content production and internal traffic-flow measures, functioning as a source of referrals to the purchasing business alongside stable growth in the media business.

Through the acquisition of new retail companies (retail partners) and expansion of deals with existing clients, purchasing business revenue grew 85.7% year on year to ¥6,029 million. Its share of full-year revenue rose to 35.5% (up 10.7pt year on year), reflecting an ongoing shift toward a higher value-added revenue structure. Growth in the purchasing business is expected to continue driving overall company growth in FY2027 (ending March 2027) as well.

In November 2025, the company established a subsidiary to acquire VTuber businesses from two companies, and completed the business transfer in January 2026. The aim is to secure stability in other businesses and gain expertise in event management and merchandise sales. With a robust financial base (cash and cash equivalents of ¥11,599 million), the company is well positioned to flexibly execute additional M&A.

Last updated: July 19, 2026