Spinny Posts Rs 3,260 Crore Revenue In 2023–24, Loss At Rs 820 Crore
Expenses ballooned to Rs 4,202.5 crore mainly due to the cost of purchasing used cars and rise in advertising spends.
Used car marketplace Spinny's top line spiked in the last financial year as it expanded its presence on the ground, which also led loss to widen past Rs 800 crore.
The Gurugram-based unicorn's revenue from operations jumped 30 times to Rs 3,261.5 crore from Rs 109 crore in fiscal 2022. However, its loss widened to Rs 819.9 crore from Rs 490 crore, according to filings accessed via data intelligence platform TheKredible.
The startup's expenses ballooned to Rs 4,202.5 crore in fiscal 2023 from Rs 669.9 crore in 2021–22 due to the cost of purchasing used cars, an increase in advertising spends, and salary expenses.
Spinny's rivals, CarDekho and Cars24, have also filed their results for the last fiscal. CarDekho's consolidated results, which include that of subsidiaries like insurtech platform InsuranceDekho and fintech Rupyy, showed a 46% rise in revenue at Rs 2,331 crore. Cars24's revenue stood at Rs 5,535 crore, with a loss of Rs 467.8 crore.
Spinny was valued at over $1.75 billion when it turned unicorn in December 2021 after raising $283 million from new and existing investors.
Queries sent to the company did not elicit a response at the time of publishing this report.
