Spinny trims losses in FY25 as revenue grows 25% to Rs 4,657 crore – The Economic Times

Used-car sales platform Spinny has reported a 25% enhance in its working income for fiscal 2025 at Rs 4,657 crore, whereas narrowing its losses by trimming down key bills, in accordance with paperwork sourced from the Registrar of Firms (RoC).

The expansion fee assumes significance contemplating the used-car gross sales section was shifting within the sluggish lane in FY23 and FY24.

The Gurugram-based firm’s internet loss for fiscal 2025 got here in at Rs 424 crore, down 28% from FY24, making it the second consecutive 12 months of losses coming down. In FY23, it had reported Rs 820 crore in internet loss.

The advance in bottomline got here on account of bettering gross margins for Spinny as working losses narrowed 27% to Rs 381 crore.

Spinny’s complete bills elevated at a slower tempo of 17% to Rs 5,170 crore in FY25, as the corporate reduce down on worker prices to Rs 338 crore from Rs 392 crore.

Curiosity prices additionally got here down by 12% whereas depreciation and amortisation bills narrowed 15% throughout the 12 months.

Following a protracted funding winter, used-car platforms have been consolidating their companies by exiting loss-making verticals, decreasing headcount and sharpening their deal with margins.

In June this 12 months, Spinny closed a $170 million funding spherical led by US-based Accel Leaders Fund at a flat valuation of $1.7-1.8 billion. The spherical additionally noticed participation from WestBridge Capital and Nandan Nilekani’s Fundamentum. Different present traders, together with Tiger World, Elevation Capital and Normal Catalyst, additionally participated within the newest spherical.

Spinny beforehand raised $283 million in December 2021, in a spherical led by Abu Dhabi-based ADQ, Tiger World and Avenir Progress that catapulted it into the unicorn membership. The corporate was then valued at round $1.8 billion.

The corporate competes with the likes of SoftBank-backed Cars24, Peak XV Companions-funded CarDekho and listed agency CarTrade. ET had reported earlier that new-age used-car platforms have been rising their efforts to generate income from ancillary sources akin to auto financing, insurance coverage and classifieds, after witnessing a palpable slowdown in progress.