RAKSUL INC.
4384・Prime Market・Information & Communication
Business
Raksul Inc. has adopted the vision of "Changing systems to make the world better," providing new internet-enabled systems to traditional industries that have lagged in digitalization. Its core Procurement Platform operates BtoB e-commerce for printing, packaging materials, seals/stamps, and other products, offering low-cost, small-lot printing services to small and medium-sized enterprises and sole proprietors by sharing surplus capacity among affiliated printing companies nationwide. The Marketing Platform comprehensively supports corporate marketing challenges through the TV commercial and video advertising platform "Novasell" and the website creation SaaS "Peraichi." In FY2025 (ended July 2025), net sales reached ¥61,950 million, with cumulative registered users totaling 3,317,307.
Business Model
By adopting a sharing model that utilizes idle capacity at partner printing companies nationwide rather than owning its own printing equipment, the company achieves capital-efficient operations despite being in an equipment-intensive industry. Orders from customers are aggregated through EC, and cost reductions are realized through ganging (multi-imposition printing). Gross profit—net sales less procurement costs paid to suppliers—is positioned as the most important metric, and continuous margin improvement is pursued through pricing optimization, joint procurement of materials, and supplier productivity enhancement. Gross profit for FY2025 (ended July 2025) was ¥21,684 million (up 26.1% year on year).
Company Strengths
The cumulative number of users of "Raksul" reached 3,317,307 as of the end of FY2025 (ended July 2025), expanding approximately 2.2 times from 1,532,172 at the end of FY2021 (ended July 2021). There are many repeat customers who place multiple orders, and the stable trends in the number of annual purchasers, order frequency, and average order value support the stability of the revenue base.
Through a sharing model that utilizes the surplus capacity of affiliated printing companies nationwide, the company has built a production system that can scale without its own capital investment in the printing industry, which is an equipment-intensive industry. It maintains a flexible supply system capable of accommodating rapid sales growth, and total capital expenditure for FY2025 (ended July 2025) remained at ¥2,161 million.
Since 2023, the company has continuously acquired Raksul Factory, Hankoya.com, A-Link Service, Net Square, Mailing Japan, and others. The expansion of business domains through M&A has contributed to a 22.4% increase in revenue and a 43.8% increase in segment profit for the Procurement Platform (FY2025, ended July 2025), and an integration system with a dedicated PMI team has also been established.
ENVALITH's Perspective
Performance Trend
From FY2021 to FY2025, revenue expanded from ¥30,261 million to ¥61,950 million, roughly doubling over five fiscal years. Operating income also improved substantially, from ¥221 million to ¥3,819 million. In the first half of FY2026 (ending July 2026) (August 2025–January 2026), revenue was ¥35,748 million (up 20.2% year on year), gross profit was ¥12,461 million (up 20.9%), operating income was ¥2,153 million (up 13.3%), and interim net income attributable to owners of the parent was ¥2,163 million (up 21.2%). As external factors, the progress of digitalization and e-commerce adoption is underpinning latent demand, while rising prices and volatility in financial and capital markets are creating uncertainty about the outlook. It should be noted that SG&A expenses increased 22.6% year on year (from ¥8,409 million to ¥10,307 million), outpacing the rate of revenue growth, causing the operating margin to decline slightly from 6.4% to 6.0%.
Growth Strategy
Expanding from the procurement e-commerce foundation into software and finance domains, aiming to become an end-to-end platform for small and medium-sized enterprises
Continued organic growth was maintained across all three segments: Printing & Solutions (¥12,811 million), Business Supplies-related (¥13,890 million), and Packaging Materials (¥6,190 million). Services for large enterprises also contributed to revenue growth. The company is piloting the promotion of multi-category purchases through integration of ID and payment functions across services.
Based on the "Medium-Term Financial Policy," the company has sequentially made Raksul Crafts Inc. (formerly Marutama Kogyo Co., Ltd.), Raksul Coworks, FUSION (Digital Advertising), and Team Like Inc. (Vinipro (Team Like Inc.), acquisition cost ¥1,421 million) subsidiaries. The company is promoting PMI for each company to maximize group synergies, aiming to improve ARPU through cross-selling to the existing customer base.
Through a review of the cost structure, the segment achieved profitability (profit of ¥3 million) in the current interim period. The acquisition of FUSION (Digital Advertising) has expanded the digital advertising domain. Going forward, the company has set out a policy to create revenue opportunities utilizing generative AI, with deepening penetration of SaaS/Professional Services for mid-sized and large enterprises remaining an ongoing challenge.
Based on the medium-term strategy announced in September 2024, the company is leveraging the customer base and cash flow generation capability built through the transaction business to develop software, business support, and finance functions, thereby expanding its target market. The finance domain is positioned as a new growth opportunity, with a market size estimated by the company at ¥2.5 trillion.
Last updated: July 17, 2026