Spinny Reports Strong Growth in Used Car Sales FY25

Spinny, a prominent used car retailer, displayed a robust performance in FY25, illustrating significant growth in revenue along with reduced losses. The company, based in Gurugram, experienced a 25% year-on-year increase in revenue from operations, reaching Rs 4,657 crore, compared to Rs 3,730 crore in FY24, as per the consolidated financial statements submitted to the Registrar of Companies (RoC).

Revenue Breakdown for Used Car Sales

Spinny’s income predominantly originates from the sale of used cars, which constitutes 97.7% of its operational revenue (Rs 4,553 crore) from this segment, reflecting a 25.7% increase year-on-year during FY25. Additional revenue streams, such as commissions, support services, and advertising, contributed to the overall earnings.

Non-Operating Income and Total Earnings

In addition to its operational revenue, Spinny recorded Rs 89 crore in non-operating income from interest on deposits, corporate bonds, mutual fund returns, and fair value adjustments. This propelled the total income to Rs 4,746 crore in FY25, rising from Rs 3,822 crore in FY24.

Cost Structure Analysis

The primary expense for the used car retailer was the procurement of vehicles, representing 83.3% of total costs. In alignment with the 25% revenue increase, this expense grew by 23% to reach Rs 4,309 crore in FY25. Moreover, the company reduced its employee benefits by 13.8%, bringing the cost down to Rs 338 crore during the same period.

Additional Cost Insights

Spinny’s direct costs amounted to Rs 147 crore, whilst advertising and promotional expenses fell by 11.3% to Rs 125 crore in FY25. Other overheads, including IT costs, legal fees, travel, and rent, resulted in total costs climbing to Rs 5,170 crore in FY25.

Performance Improvement

The notable revenue growth enabled Spinny to decrease its losses by 28.3%, recording a loss of Rs 423 crore in FY25, down from Rs 590 crore in FY24. The firm also enhanced its per unit expenses relative to revenue, with a notable ratio of Rs 1.11 recorded in FY25.

Funding and Expansion Plans

Earlier this year, Spinny secured $167 million in funding led by Accel Leaders Fund. As reported by various startup data intelligence platforms, Spinny has amassed approximately $676 million in total funding to date, attracting investors like Tiger Global, Accel, and Elevation Capital among others. Furthermore, the company broadened its portfolio by acquiring Autocar India, an auto media and content platform, and initiated its own subsidiary in the financial services sector.