Inbound Platform Corp.
5587・Growth Market・Information & Communication
Business
Inbound Platform Co., Ltd. operates under the vision of "Japan, We Want to Come Back," providing services that resolve inconveniences experienced by foreign visitors to and foreign residents in Japan during their stay. The company is built around three core businesses: the Mobile Network Business (Wi-Fi rental, eSIM/SIM sales), the Life Media Tech Business (bullet train ticket arrangement, airport transfers, real estate, medical referral services, etc.), and the Camper Van Business (domestic rental, used car sales, overseas referrals), with its main customer base consisting primarily of foreign visitors to Japan from Western countries. The company listed on the Tokyo Stock Exchange Growth Market in August 2023. In the fiscal year under review, the company recorded consolidated net sales of ¥3,007 million and operating profit of ¥297 million.
Business Model
The core of earnings consists of the asset-light referral model of the Life Media Tech Business (revenue ¥1,236 million, segment margin 15.6%) and the Wi-Fi rental and eSIM sales of the Mobile Network Business (revenue ¥1,644 million). The company acquires foreign customers through multilingual websites and customer support, and receives advertising fees and referral commissions from partner companies. In the Mobile Network Business, where fixed costs such as communications expenses and depreciation account for a high proportion of costs, increases in the number of units in operation directly boost profit.
Company Strengths
The company has established multilingual customer support in English, Spanish, French, Chinese, Korean, Vietnamese, and other languages, and has implemented localization and UI/UX improvements tailored to each country's culture, business customs, and currency display. It employs multinational web marketers and also deploys pricing strategies tailored to each country.
The Life Media Tech Business has adopted a referral model that does not hold company-owned assets, achieving a segment profit margin of 15.6% in FY2025 (ending September 2025) (net sales of ¥1,236 million, segment profit of ¥193 million). The number of referrals handled by the bullet train ticket arrangement service (Japan Bullet Train) reached 438,781, and the business has a structure that allows flexible allocation of resources in response to changes in the external environment.
As the number of foreign visitors to Japan hit a record high of 3.90 million in a single month in April 2025, key KPIs have trended favorably across the board, including 201 thousand active mobile network units, 438,781 Life Media Tech referrals, and a total of 4,148 camper van rental days. This reflects a structure in which the three businesses capture inbound demand from multiple angles.
ENVALITH's Perspective
Performance Trend
The financial trend shows an expanding trajectory, with net sales growing from ¥2,077 million in FY2023 to ¥2,334 million in FY2024 and ¥3,007 million in FY2025. In H1 FY2026 (ending September 2026) (6 months), the company posted net sales of ¥1,991 million, operating profit of ¥250 million, and net income attributable to owners of the parent for the interim period of ¥167 million. Against the full-year forecast (net sales of ¥3,489 million, operating profit of ¥350 million, and net income of ¥236 million), the operating profit progress rate stood at a high 71.7% at the interim stage. As an external factor, the number of inbound visitors to Japan remained high at 21.71 million from October 2025 to March 2026, which boosted demand for bullet train and bus ticket arrangements in the Life Media Tech Business. Meanwhile, operating cash flow was solid at ¥752 million, and the balance of cash and cash equivalents increased to ¥1,714 million.
Growth Strategy
Against the backdrop of the expanding inbound tourism market, the company aims to grow its three business segments through expansion of referral services, strengthening of eSIM offerings, and M&A.
The company continues marketing investment in its online-completion eSIM service, which requires no physical device, cultivating it as a new revenue source to offset the decline in Wi-Fi rental. In the first half of FY2026 (ending September 2026), expansion of eSIM usage was confirmed, but the segment profit margin remains at a low level, making acceleration of monetization a key challenge.
The company is focused on expanding services and raising awareness of its platform for arranging bullet train and bus tickets for foreign visitors to Japan. In the first half of FY2026 (ending September 2026), the Life Media Tech Business recorded sales of ¥1,174 million and segment profit of ¥241 million, confirming its role as the core earnings driver of the group.
In the first half of FY2026 (ending September 2026), the company effectively gained control over the decision-making body of Korea Travel Tech Co., Ltd., resulting in its consolidation as a subsidiary. Goodwill of ¥9 million arose in the Life Media Tech Business segment. The company aims to expand its customer base by offering services targeted at Korean visitors to Japan.
From the first half of FY2026 (ending September 2026), the company began recording sales from its Used Car Sales Service. Driven by growing rental demand amid the increase in foreign visitors to Japan and the full-scale launch of used car sales, the segment recorded first-half sales of ¥89 million and segment profit of ¥5 million. This represents 72% progress against the previous full-year sales of ¥123 million, already achieved within the first half.
Last updated: July 17, 2026