Spinny Cuts FY25 Loss By 28% To INR 424 Cr On Strong Revenue Growth

Tiger Global-backed used car marketplace Spinny has trimmed its net loss by 28% to INR 423.8 Cr in the fiscal year ending March 31, 2025 (FY25) from INR 590.3 Cr loss incurred in the previous fiscal year. 

The startup managed to cut its loss at the behest of a strong uptick in its top line. In the fiscal, the ecommerce unicorn’s operating revenue jumped 25% to INR 4,656.1 Cr from INR 3,730.0 Cr in the previous fiscal year. 

In this, the sale of products, that is the sale of cars on its ecommerce platform, accounted for a majority of its revenue, raking in INR 4,553.3 Cr. This revenue surged 26% from INR 3,621.4 Cr in the previous fiscal. 

On the other hand, revenue from the sale of services contributed merely INR 8.8 Cr to its top line in the fiscal, up 40% YoY. Important to mention that Spinny introduced periodic car servicing on its platform recently. Besides, it also offers services like AC servicing, health check services, wheel care, washing and cleaning, among others. 

Besides, the startup registered an INR 2.8 Cr revenue from advertisement, digital and event earnings on its platform. Spinny launched advertisements on its platform in FY25. 

Including the other income of INR 89.4 Cr, the startup reported a total income of INR 4,746.2 Cr against INR 3,822.3 Cr reported last fiscal. 

Founded in 2015 by Neeraj Singh, Mohit Gupta and Ramanshu Mahaur, Spinny is a used-car retailing platform that has over 36 car hubs and is operational in 22 Indian cities, including Delhi-NCR, Bengaluru, Mumbai, Pune, Hyderabad, Chennai, Kolkata, and Ahmedabad.

Spinny has raised over $694.2 Mn till date and counts Tiger Global, General Catalyst, Accel, Sachin Tendulkar, among others as its investors. 

It entered the unicorn club in 2021 after raising $283 Mn at a valuation north of $1 Bn. The startup closed its Series F at $170 Mn earlier in June 2025 at a post-money valuation in the range of $1.7 Bn to $1.8 Bn.

Zooming Into Expenses 

In line with the jump in its top line, Spinny’s total expenditure also surged 17% to INR 5,170.1 Cr from INR 4,409.5 Cr reported in the previous year. 

Procurement Cost: The startup’s cost to procure goods increased 23% in the year under review to INR 4,304.4 Cr from INR 3,495.2 Cr in FY24.

Employee Benefit Expenses: The startup’s spending on employees, which includes salaries, incentives, gratuity, and more, declined 14% to INR 338.3 Cr from INR 391.7 Cr in the previous year. 

Advertising and sales promotion: Spinny’s expenses under this head also reduced 13% to INR 123.4 Cr in the year under considerations from INR 141.4 Cr in FY24.