May 2026
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Largest Horizontal Marketplaces Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
Mercari, Kakaku.com, BuySell Technologies, AUCNET and Lancers.
 | Mercari operates the largest consumer-to-consumer secondhand goods trading platform in Japan in Mercari, with over 23 million monthly active users and over JPY 1.1 trillion in gross merchandise value in fiscal 2022. We estimate that it currently has over 40% market share in the online C2C market, making it the top platform in Japan. It operates a domestic fintech business and a C2C marketplace app business in the US as well. Domestic business roughly accounts for over 95% of its total GMV. | $26 | +53% | $4B | $4B | 3.3x | 21.6x | ||
| Kakaku.com Inc. is a Japan-based internet company operating various web services. The company operates through four segments. The Incubation Business includes real estate and housing site Smity, travel review site Fort Travel, movie information site Movie.com, automotive site web CG, dynamic package systems, and the bus comparison site Bus Comparison Navi. The Job Box Business operates the job search site Job Box and job information site Jobcube. The Kakaku.com Business operates the purchasing support site Kakaku.com and engages in insurance services through Kakaku.com Insurance Co., Ltd. The Tabelog Business operates the restaurant search and reservation site Tabelog. It generates the majority of its revenue from the Tabelog business segment. | $21 | +25% | $4B | $4B | 7.9x | 18.5x | ||
| BuySell Technologies Co Ltd is engaged in providing internet-based reuse business. It offers purchase services from all over Japan to various sales services such as EC and special events. The company's products are kimono, stamps, coins, precious metals, jewelry, branded goods, watches, antiques, fur, liquor, among others. | $25 | +38% | $2B | $2B | 2.4x | 22.8x | ||
| AUCNET Inc is a Japanese based auction services provider. It provides new information distribution services using media, including LaserDisc, satellite communications, and the internet. It operates in the used cars auction business, motorcycle business, the flower business, the digital products business, the brand items business, and the medical equipment business. | $9 | -11% | $821M | $688M | 1.6x | 10.1x | ||
| Lancers Inc is a freelance jobs information company based in Tokyo. The company has partnered with SAP Japan to offer a platform for freelancers to take advantage of companies that provide SAP-based working opportunities. | $2 | -- | $25M | $17M | 0.6x | 9.8x | ||
| Aucfan Co Ltd provides media management services. The Company is the auction shopping search site. It allows users to compare, search, and analyze auction, and shopping product and price information. | $2 | -15% | $21M | $1M | 0.1x | 2.2x | ||
| Median | $15 | +25% | $1B | $1B | 2.0x | 14.3x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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