Spinny manages to trim losses in FY25, revenue rises 25%
The company reported a loss of Rs 423 crore in FY25 compared to Rs 590 crore in FY24.
Tiger Global-backed Spinny on Friday reported that it has managed to slash its losses by 28.3% on the back of rising revenue during the year ended March 31, 2025.
The company reported a loss for the year of Rs 423.8 crore compared to Rs 590 crore in the year-ago period.
The pre-owned car platform saw its revenue from contracts with customers rise 24.9% to Rs 4,657 crore during this period. However, the company saw a dip in support income and interest income during the period to Rs 89.4 crore compared to Rs 92.3 crore last year.
Spinny defines revenue from contracts with customers as the revenue when the customer actually gets and controls the product or service, and the revenue amount is what the company expects to earn for it.
During the period, expenses at the firm saw a 17.1% uptick to Rs 5,170 crore due to rising costs related to the purchase of goods. These could include the costs related to buying the used car from individual sellers or dealerships, as well as costs related to the refurbishment of these vehicles.
Founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahaur, Spinny raised $30 million in a primary capital from investment firm WestBridge Capital in June this year at a “flattish valuation”.
According to Tracxn, the Sachin Tendulkar-backed firm was last valued at $1.13 billion as of May this year. It competes with listed company CarTrade and its unit CarWale as well as CarDekho and ZigWheels.
India’s used car market is expected to grow between 8-10% in FY26, 2X the new car sales, showing a focus shift in consumer behaviour, a report by Crisil Ratings had noted.
Spinny's loss for FY25 widened 34.4% to Rs 673.8 crore on a standalone basis after the company had managed to narrow its losses in FY24.
(This copy was updated to lead with consolidated numbers)
Edited by Affirunisa Kankudti