Spinny’s gross revenue balloons to Rs 3,260 Cr in FY23

Used car retailer Spinny started its full-stack platform a few years back and the model seems to have worked really well for the firm. The Tiger Global-backed company’s gross scale ballooned 30X in the fiscal year ending March 2023.

Gurugram-based Spinny’s gross revenue aka gross merchandise value (GMV) flew to Rs 3,262 crore in FY23 from Rs 109 crore in FY22, according to its consolidated financial statements filed with the Registrar of Companies.

Financial FY23


Operating Revenue

Total Expense

Profit / Loss

Amount in ₹ Cr

The massive increase in revenue can be attributed to the cash and carry model, as the company used to solely generate income from commissions on car sales in the previous fiscal years. Car sales accounted for 95% of the total gross operating revenue which registered at Rs 3,105 crore in FY23. 

The remaining revenue came from services, including commissions on car sales and financial services during FY23. The firm also made Rs 121 crore from interest on current investments (non-operating) during the previous fiscal.

Having a full stack model now, the cost of procurement of used cars accounted for 72% of the overall expenditure. This cost registered at Rs 3,027 crore in FY23. Its employee benefit cost also increased by 49.2% to Rs 397 crore.

Its advertising cum promotion, information technology, legal-professional, and other overheads pushed the overall expenditure to Rs 4,202 crore in FY23. Head to TheKredible to see the full expense breakup.

Expense Breakdown

Total ₹ 670 Cr
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Total ₹ 4203 Cr
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  • Cost of procurement
  • Employee benefit expense
  • Advertising promotional expenses
  • Legal professional charges
  • Information technology expenses
  • Others

Unlike its revenue, Spinny’s losses increased 67.3% to Rs 820 crore in FY23 from Rs 490 crore in FY23. Its ROCE and EBITDA margin stood at -35% and -20% respectively. On a unit level, it spent Rs 1.29 to earn a rupee in FY23.


FY22 FY23
Expense/Rupee of ops revenue ₹6.15 ₹1.29
ROCE -17% -35%
EBITDA Margin -244% -20%

Spinny turned unicorn in December 2021 after raising a $283 million Series E round. By the end of FY22, it acquired car connectivity solutions provider Scouto in an undisclosed deal. The firm also laid off nearly 300 employees three months ago as it merged Truebil and Max platforms into Spinny.

Spinny’s competitors Cars24 and CarDekho also filed their FY23 results. While Cars24’s revenue from operations increased by 7.8% to Rs 5,535 crore in FY23, CarDekho registered a 46% year on year jump in its revenue to Rs 2,331 crore during the same period.

Spinny’s strong acceleration can be attributed to many factors, not least of which is the smart communication using its ‘strategic investor’ and brand ambassador Sachin Tendulkar. Besides standing out with its communications, the firm has also benefited from a market where its largest fundraise was timed well, coming just before a slowdown, and the pull back of many competitors from the kind of loss making deals that were unsustainable in the long run. This clean up of industry practices has ensured improving financials in the ongoing year as well, even as players seek to expand earnings streams from a wider fee based model.

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