Spinny’s reports 14% rise in FY24 revenue, narrows losses
Spinny reported a 28% YoY decline in loss for the period to Rs 590.4 crore.
Spinny on Tuesday reported a 14% year-on-year (YoY) rise in its FY24 revenue to Rs 3,725 crore, helped by a rise in revenue from the sale of products and other financial services.
The pre-owned car platform also reported a 28% decline in losses for the year to Rs 590.4 crore from Rs 819.9 crore in FY23.
However, the company also reported a rise in total expenses for FY24 to Rs 4,409 crore from Rs 4,196 crore incurred in FY23, bogged down by rising stock-in-trade expenses and cost of materials.
Stock-in-trade expenses refer to costs associated with the goods held by a company for resale or production.
The company’s employee benefit expenses remained flat compared with the prior year.
Founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahaur, Spinny last raised $602,000 in an angel investment round from cricketer Sachin Tendulkar.
The Tiger Global-backed company was last valued at $1.6 billion, according to Tracxn data. It has Accel and Elevation Capital on its captable.
It competes with listed company CarTrade and its unit CarWale as well as CarDekho and ZigWheels.
Edited by Kanishk Singh