SPINNY revenue jumps 30x, still report Rs 820 crore loss in FY23

HomeStartupSPINNY revenue jumps 30x, still report Rs 820 crore loss in FY23

Published on

November 7, 2023

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.