Spinny’s Net Loss Trims By 28% To INR 590 Cr In FY24

Tiger Global-backed used car marketplace Spinny has trimmed its net loss by 28% to INR 590 Cr in the financial year ending March 2024 (FY24) from INR 819.8 Cr reported in the previous fiscal year. 

Spinny’s revenue from operations rose 14.2% to INR 3,725 Cr in FY24 from INR 3,259.7 Cr in the previous fiscal year. While the sale of products accounted for 97% of the total operating revenue at INR 3,621.3 Cr, revenue from the sale of services contributed merely INR 6.2 Cr to it.

The car reselling startup reported a total income of INR 3,821 Cr against the INR 3,380.7 Cr reported last year. 

Following a similar trail, its expenses also zoomed 5% to INR 4,409 Cr from INR 4,196 Cr reported in the previous year. Of these, purchases of stock-in-trade accounted for the highest expense at INR 3,495 Cr while the cost of material was INR 89.9 Cr. 

Besides this, expenses due to employee benefit expenses and other expenses were at INR 391.7 Cr and INR 271.4 Cr respectively.

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, Gurugram, Noida, Bengaluru, Mumbai, Pune, Hyderabad, Chennai, Kolkata, and Ahmedabad.

Earlier this year, the company expanded its Employee Stock Ownership Plan (ESOP) scheme, granting an additional 2.37 Cr (23.7 Mn) options. Previously, Spinny in 2021 announced the completion of a $12 Mn ESOP buyback.

The company achieved unicorn status after raising $283 Mn in its Series E funding round in 2021. To date, the car reselling startup has raised INR 533.20 Mn via funding. 

It counts General Catalysts, Abu Dhabi Growth Fund, Accel Partners, and Avenir Growth Capital among its investors. 

The startup competes against the likes of Cars24, CarTrade, and Droom.