- Spinny, a used car retailer, saw its gross revenue (GMV) increase 30X in the fiscal year ending March 2023, reaching Rs 3,262 crore from Rs 109 crore in the previous year.
- Its employee benefit cost also increased by 49.2% to Rs 397 crore.
- Car sales accounted for 95% of the total gross operating revenue, totaling Rs 3,105 crore in FY23.
- Spinny’s expenditure increased, with the cost of procurement of used cars making up 72% of the overall expenses at Rs 3,027 crore.
- The company’s losses increased 67.3% to Rs 820 crore in FY23, with an ROCE of -35% and an EBITDA margin of -20%.
- Spinny raised $280 million at $1.8 Billion valuation in December 2021 and has expanded its services and brand presence in the market.