Spinny revenue jumps to Rs 3,725 Cr in FY24; cuts losses by 28%

Used car retailer Spinny has demonstrated a steady growth in the last fiscal year with a firm control on its losses. The firm’s revenue from operations grew 14.3% whereas its losses shrank 28% in this period.

Spinny’s revenue from operations increased to Rs 3,725.02 crore in FY24 from Rs 3,259.78 crore in FY23​, the company’s annual filings filed with the Registrar of Companies show. The firm draws revenue majorly from vehicle sales, fees from value-added services like registration and insurance assistance, and platform fees. 

Caveat: Spinny revised its revenue recognition approach, including cash-and-carry sales instead of only commission from marketplace transactions in FY23. This change led to operating revenue rising to Rs 3,262 crore in FY23. Now, Spinny’s revenue reflects vehicle sale prices, while the purchase cost of its stock cars is listed under expenses.

The company’s other income including interest and rental income, contributed Rs 96.84 crore, taking the total revenue to more than Rs 3,800 crore. However, there was a 19.9% decline in other income as it didn’t raise capital since November 2021.

To check complete Revenue Breakdown visit thekredible.comView full data

Spinny operates a full-stack model, controlling the entire supply chain for used car sales. Its platform facilitates vehicle inspection, refurbishment, documentation, and finance.

Purchase of stock-in-trade (used cars inventory) stood at Rs 3,495.21 crore which increased 7.8%. With Rs 391.72 crore, employee benefit expenses remained flat in the last fiscal year while finance costs also saw an increase of 33% to Rs 90.12 crore. Depreciation and amortization expenses rose 20.3% to Rs 62.07 crores in FY24.

Overall, the total expenses for the Tiger Global-backed company increased by only 5% to Rs 4,409 crore in FY24. 

To check complete Expense Breakdown visit thekredible.comView full data

Check TheKredible for complete expense breakup.

Spinny recorded a 28% reduction in its loss to Rs 590.37 crore. Its ROCE and EBITDA margin stood at -31.22% and -11.38%, respectively. On a unit level, the company spent Rs 1.18 to earn a rupee of operating revenue in the fiscal year ending March 2024.

The Gurugram-headquartered firm competes with Cars24, CarDekho and OLX Autos which was acquired by Cartrade in August last year. Cars24 and CarDekho are yet to file their annual report for FY24.

According to startup data intelligence platform TheKredible, Spinny has raised around $500 million to date from the likes of Tiger Global, General Catalyst, Elevation Capital, Accel and Abu Dhabi Growth Fund. Tiger Global is the largest stakeholder in the Niraj Singh-led company followed by Accel Partners and Elevation Capital.