Take rate
From GMV to net revenue.
By Surojit Chakraverti, founder of L3VLUP and an investor running a long-short healthcare and technology equities strategy.
On this subject: take rate.Updated 2 October 2026
Part of technology company financial models, with the models, labs and guides around it.
What it does
The share of GMV a marketplace keeps. The commission charged to sellers is the headline; the incentives and promotions paid to buyers to win orders come off it, because they are a reduction of what the marketplace earns on the order, not a marketing cost. The net take rate is what investors compare across marketplaces, and a rising one is either pricing power or fewer incentives, which a model should be able to tell apart.
Where it lives
The same schedule in each model that carries it, with the rows to open. Open a model in the browser, go to the sheet, and click the lines.
- Assumptions, rows 23–26: Average order value, FY1 ($), Average order value growth a year, Commission charged to sellers, % of GMV, Buyer incentives and promotions, % of GMV
- GMV, rows 12–15: Commission from sellers, Less buyer incentives and promotions, Net revenue, Net take rate: net revenue / GMV
What a reviewer looks for
- The headline commission quoted as the take rate.
- Incentives booked as marketing.
- A take rate on revenue that already includes items like delivery fees passed through.
Learn it, then build it
Build · Lab · ~12 min
Marketplace Economics
Turn GMV into net revenue and contribution per order, read a cohort’s GMV retention from retention and frequency, and find the payback year on a buyer.
Read · Guide · 11 min
SaaS Operating Models: ARR, Sales Capacity, Billings and the Metrics That Follow
Vocabulary: Take Rate, Gross Merchandise Value (GMV).