Mercari
👤 Shintaro Yamada (Sold his prior startup to Zynga (2010), ran Zynga Japan, then spent a year traveling before betting on mobile-first C2C.)🌐 siteLinkedIn
Japan never took to eBay. Mercari made resale a phone habit — list in a minute, sell in a day — and takes a cut of each.
Will it work? · our read
Resale by default. In Japan, Mercari is the verb for selling used stuff — habit and liquidity, not tech. That moat is deep at home, but growth has flattened and the US bet is unproven.
01How the money moves
Seller lists an item free in under a minute
→
Buyer pays in-app; Mercari escrows the cash
→
On sale, Mercari keeps 10% plus shipping and payment fees
02The numbers
¥192,633M ($1.2B)FiledFY2025 revenue, filed
FY ended Jun 2025source:
¥192,633M (yuho, FYE Jun 30 2025)
GMV is what buyers paid; revenue (¥192.6B / $1.2B) is Mercari's cut. Bars show scale, not profit.
Record year: net profit ¥26.1B ($170M), up 94%.
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- The CENTS scorecard — where it's strong, where it's soft
- The founder's key move, and the counter-move
- How it could die — the evidence, and how sure we are
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See a full teardown, free → Transistor.fmSourcesSources last checked 27 July 2026
Annual Securities Report, FYE Jun 30 2025 (filed) — revenue ¥192,633M, GMV ¥1.1209T, MAU 23M+Mercari (TYO:4385) financials — revenue 192,633M yen, net income 26,114M yenMercari analysis — 'JPY 1.1 trillion' GMV, 'over 23 million' MAUShintaro Yamada — founded Unoh, sold to Zynga 2010, founded Mercari 2013Mercari IR — FY2026 guidance of ¥200-210B revenue
Revenue ¥192,633M (about $1.2B) and net profit ¥26,114M (about $170M) are FILED in Mercari's Annual Securities Report for the year ended June 30, 2025, and are printed verbatim on stockanalysis.com — both '192,633' and '26,114' appear there and in the filing (I extracted the PDF via pdftotext, raw bytes). GMV ¥1.1209 trillion (about $7.2B) and MAU over 23 million are from the same filing; the tiles point to valueinvesting.io, which prints 'JPY 1.1 trillion' and 'over 23 million' word-for-word. USD figures are my conversion at about ¥155/$; the yen originals govern. The 10% is Mercari Japan's seller fee (Japan is 92% of revenue); Mercari US moved sellers to zero fees, so blended take differs — noted, not hidden. GMV is buyer spend, not revenue: Mercari's cut is the ¥192.6B. verified:true (first-party regulatory filing). We never score you.