Used car retailer Spinny has reported strong financial results for FY25, with significant revenue growth and improved cost efficiency, reflecting its push to consolidate leadership in India’s pre-owned car market.
According to filings with the Registrar of Companies (RoC), Spinny’s revenue from operations rose 25% year-on-year to Rs 4,657 crore, up from Rs 3,730 crore in FY24. The bulk of this income came from used car sales, which contributed 97.7% (Rs 4,553 crore) of total operating revenue. Additional streams such as commissions, support services, and advertising made up the balance.
The company also recorded Rs 89 crore in non-operating income, driven by interest on deposits, gains from corporate bonds and mutual funds, and fair value adjustments. This lifted total income to Rs 4,746 crore in FY25, compared with Rs 3,822 crore a year earlier.
On the cost side, vehicle procurement remained the largest expense at Rs 4,309 crore, accounting for over 83% of overall costs. Employee benefits were reduced by nearly 14% to Rs 338 crore, while advertising and promotional spend also dropped 11% to Rs 125 crore. Total expenses stood at Rs 5,170 crore in FY25.
The operational discipline helped Spinny reduce its losses by 28% to Rs 423 crore, down from Rs 590 crore in FY24. The company also improved its expense-to-revenue ratio to Rs 1.11 per unit earned.
Earlier this year, Spinny secured $170 million in funding led by Accel Leaders Fund, taking its total funding to around $676 million from investors including Tiger Global, Accel, and Elevation Capital. The firm has been expanding its ecosystem with acquisitions such as Autocar India and launching its own NBFC subsidiary to support financing solutions.
With steady growth and reduced losses, Spinny is positioning itself for long-term dominance in India’s evolving used car retail market.
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