SUMMARY
- Spinny experienced a 14.3% increase in operating revenue, reaching Rs 3,725.02 crore in FY24.
- The company’s total expenses increased by 5% to Rs 4,409 crore in FY24.
- The company recorded a 28% reduction in its loss, reaching Rs 590.37 crore.
Used car retailer Spinny experienced a 14.3% increase in operating revenue, reaching Rs 3,725.02 crore in FY24, up from Rs 3,259.78 crore in FY23, as per the company’s annual filings with the Registrar of Companies. The majority of Spinny’s revenue comes from vehicle sales, fees for value-added services like registration and insurance assistance, and platform fees.
In FY23, Spinny revised its revenue recognition approach, including cash-and-carry sales in addition to commission from marketplace transactions. This change led to operating revenue rising to Rs 3,262 crore in FY23, as Spinny’s revenue now reflects vehicle sale prices, while the purchase cost of its stock cars is recorded under expenses.
Spinny’s other income, including interest and rental income, contributed Rs 96.84 crore, bringing the total revenue to over Rs 3,800 crore. However, other income declined by 19.9% as the company did not raise capital since November 2021.
Spinny operates a full-stack model, controlling the entire supply chain for used car sales, facilitating vehicle inspection, refurbishment, documentation, and finance.
The cost of stock-in-trade (used cars inventory) increased by 7.8% to Rs 3,495.21 crore, while employee benefit expenses remained flat at Rs 391.72 crore. Finance costs saw a 33% increase to Rs 90.12 crore, and depreciation and amortization expenses rose 20.3% to Rs 62.07 crore in FY24.
The Gurugram-headquartered company’s total expenses increased by 5% to Rs 4,409 crore in FY24. The company recorded a 28% reduction in its loss, reaching Rs 590.37 crore. Its ROCE and EBITDA margin stood at -31.22% and -11.38%, respectively, and the company spent Rs 1.18 to earn a rupee of operating revenue in FY24.
Spinny competes with other used car platforms like Cars24, CarDekho, and OLX Autos (acquired by Cartrade). Spinny has raised around $500 million funding to date from investors, with Tiger Global being the largest stakeholder, followed by Accel Partners and Elevation Capital.
