Spinny Net Loss Swells BY 28% To INR 819.8 Cr In FY24

Tiger Global-backed used car marketplace Spinny’s net loss has climbed by 28% to INR 819.8 Cr in the financial year ending March 2024 (FY24) from INR 590 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.

(The story will be updated soon)

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