Spinny, a used car retailing platform backed by marquee investors including Tiger Global and General Catalyst, reported a rise of 14.3% in its net sales during the last financial year, while managing to trim its losses.
The startup, operated by Valuedrive Technologies Pvt. Ltd, ended FY24 with a topline of Rs 3,725 crore, according to its annual statement filed with the Ministry of Corporate Affairs. Previously, in FY23, it reported Rs 3,260 crore of operating revenue.
The startup, founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahuar, operates a pre-owned car platform to facilitate buying and selling of pre-owned cars. It offers an online-to-offline model, where discovery of cars happens online via Spinny’s website, and customers can either request a doorstep test drive or can schedule a visit to a Spinny car hub.
Starting FY23, Spinny has been measuring revenue to include the price at which it sells its cars, excluding taxes or duties, moving away from its earlier approach recognising only commission from the platform along with the price of other value-added services. In FY22, the company had reported Rs 109 crore of revenue based on the previous approach.
Relatively, Its total expenditure during the year, which also includes its own cost of purchasing cars, grew about 5% during the year. It incurred Rs 4,409 crore of total cost in FY24, compared to Rs 4,196 crore in FY23.
About 79% of this–about Rs 3,917 crore– was due from purchase of stock-in-trade in FY24, with employee benefits expense weighing-in as the next major expense.
Meanwhile, the company cut its net losses by about 28% to Rs 586 crore in FY24. Its Ebitda loss, which reflects its operating losses, also narrowed down by 35% to about Rs 435 during the year.
Spinny had last raised $283 million in its Series E funding round led by Abu Dhabi based-ADQ, Tiger Global and Avenir Growth in 2021. The round included a primary capital infusion of $250 million and a secondary sale of $33 million by select angels and a few seed-stage investors. Overall, Spinny has raised more than $530 million till date and was last valued at about $1.8 billion.
The same year, in July, Spinny raised $103.3 million in Series D led by Tiger Global, months after it closed its Series C funding led by General Catalyst earlier in April 2021.
