Used-car retailer Spinny (Valuedrive Technologies Pvt. Ltd.) has narrowed its losses in the financial year ended March 2025, helped by strong topline growth and slower expansion of its overall cost base. The company reported a net loss of Rs 423.8 crore in FY25, down from Rs 590.4 crore in the previous year, regulatory filings showed.
Revenue growth outpaces expenses
Revenue from operations climbed to Rs 4,656.8 crore in FY25 from Rs 3,730.0 crore in FY24, reflecting continued scale-up in the used-car retail business, the filings, sourced via The Kredible, showed.
On the cost side, the company maintained its procurement-led structure. Purchase of goods rose to Rs 4,309 crore, accounting for the bulk of the cost base. Total expenses increased 17 percent to Rs 5,170.1 crore in FY25 from Rs 4,405 crore in FY24, growing slower than the topline.
Procurement dominates cost structure
Spinny’s full-stack model continues to show up in its P&L. Along with procurement, direct costs were Rs 147.4 crore, while employee benefit expenses were Rs 338.2 crore.
Finance costs came in at Rs 79.8 crore, and depreciation and amortisation at Rs 52.3 crore. Other expenses rose to Rs 242.2 crore.
Flush with funds
The company, in June this year, extended its $131 million funding round with a fresh $40 million from WestBridge Capital. In total, the company raised $170 million in funding during the round at a valuation of $1.7 billion.
Spinny became a unicorn in December 2021 after raising $283 million from investors including Abu Dhabi’s ADQ, Tiger Global, and Avenir Growth, valuing the company at $1.8 billion.
According to the latest Indian Blue Book report by car&bike and Das WeltAuto by Volkswagen, 5.1 million used cars were sold in India in FY23, with the market pegged at $34 billion. By FY28, the segment is projected to grow to $73 billion, with 10.9 million used cars expected to be sold.
Closer to breakeven
Overall, the FY25 print points to a business moving from pure growth to tighter execution. With procurement still dominating but rising slower than revenue, and with depreciation easing and finance costs steady, Spinny ended the year closer to breakeven even as it remains loss-making.
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