Used Car retailing Startup 'Spinny' revenue grows by 14.3%
Throughout the past fiscal year, used car retailer Spinny has shown consistent growth while maintaining strict control over its losses. During this time, the company's operating revenue increased 14.3% while its losses decreased by 28%.
According to the Registrar of Companies' annual reports, Spinny's operating revenue climbed from 
3,259.78 crore in FY23 to 3,725.02 crore in FY24. Vehicle sales, fees from value-added services like insurance and registration help, and platform fees are the company's main sources of income.
3,259.78 crore in FY23 to 3,725.02 crore in FY24. Vehicle sales, fees from value-added services like insurance and registration help, and platform fees are the company's main sources of income.
In FY23, Spinny changed how company recognized revenue, incorporating cash-and-carry sales rather than only commission from marketplace transactions. Operating revenue increased to Rs 3,262 crore in FY23 as a result of this modification. Currently, the purchase price of Spinny's stock automobiles is shown under costs, although the revenue is based on vehicle sale prices.
Other earnings from the business, such as interest and rental income, added Rs 96.84 crore to the overall revenue, which exceeded 3,800 crore. However, as it has not raised capital since November 2021, other income has decreased by 19.9%.
3,800 crore. However, as it has not raised capital since November 2021, other income has decreased by 19.9%.
Spinny uses a full-stack business strategy, managing the whole used automobile sales supply chain. Its platform makes it easier to finance, document, examine, and restore vehicles.
The amount spent on stock-in-trade (used automobile inventory) was Rs 3,495.21 crore, a 7.8% rise. Employee benefit spending in the previous fiscal year were the same at Rs 391.72 crore, but finance charges increased by 33% to 90.12 crore. In FY24, depreciation and amortization costs increased by 20.3% to 62.07 crores.
90.12 crore. In FY24, depreciation and amortization costs increased by 20.3% to 62.07 crores.
In FY24, the Tiger Global-backed company's overall expenses rose by just 5% to 4,409 crore.
4,409 crore.
To far, Spinny has raised around $500 million from investors such as Abu Dhabi Growth Fund, Elevation Capital, Accel, General Catalyst, and Tiger Global. The biggest investor in the Niraj Singh-led business is Tiger Global, which is followed by Elevation Capital and Accel Partners.
