Founded by IIT Delhi Alumni, Used-Car Platform Spinny Scales to Rs 4,747 Cr Revenue in FY25; Loss Narrows 28%
Spinny, a prominent used-car sales platform in India, has reported a significant financial performance for the fiscal year 2025 (FY25). The company, founded by alumni of the Indian Institute of Technology (IIT) Delhi, achieved a revenue of Rs 4,747 crore, marking a 24% increase from the previous fiscal year.
Financial Overview
According to the consolidated financial statements sourced from the Registrar of Companies (RoC), Spinny’s revenue rose from Rs 3,822 crore in FY24 to Rs 4,747 crore in FY25. This growth was primarily driven by the sales of used cars, which accounted for a substantial portion of the company’s income.
Revenue Breakdown
- Used Car Sales: Contributed Rs 4,553 crore, representing 97.7% of total operating revenue.
- Other Income: Generated Rs 90 crore from interest on bank deposits, corporate bonds, and mutual fund gains.
This brings Spinny’s total revenue for FY25 to Rs 4,747 crore.
Cost Analysis
While revenue increased, total expenses also rose, climbing by 17.2% to Rs 5,170 crore in FY25, up from Rs 4,410 crore in FY24. The primary driver of these expenses was vehicle procurement, which constituted 83.3% of total costs, amounting to Rs 4,309 crore.
Expense Breakdown
- Employee Benefits: Decreased by 13.8% to Rs 338 crore from Rs 392 crore in FY24.
- Advertising and Promotions: Fell by 13% to Rs 123 crore, down from Rs 141.5 crore the previous year.
Loss Reduction
Despite the increase in expenses, Spinny successfully narrowed its losses by 28%, reducing them to Rs 424 crore in FY25, compared to Rs 590 crore in FY24. This improvement indicates a more efficient cost structure, with the company spending an average of Rs 1.11 to earn every rupee in FY25, an improvement from Rs 1.18 in FY24.
About Spinny
Founded in 2015, Spinny operates on a full-stack model, meaning it owns the inventory it sells rather than merely acting as a listing platform. The company was established by three IIT Delhi alumni: Niraj Singh, Ramanshu Mahaur, and Mohit Gupta, who is an MBA graduate from IMT Ghaziabad.
Services Offered
Spinny provides a comprehensive range of services, including:
- Direct purchase of cars from customers.
- Sale of certified pre-owned vehicles through an online platform and physical locations known as “Spinny Hubs.”
- A rigorous 200-point inspection under its Spinny Assured program for all cars sold.
- In-house financing options through Spinny Capital.
- Insurance and post-sale maintenance services.
Strategic Developments
In a bid to enhance its service offerings, Spinny made a strategic acquisition of GoMechanic in late 2025. This move is aimed at building an end-to-end car ownership ecosystem, allowing Spinny to service the vehicles it sells, thereby adding value to its customer experience.
Recent Funding
In February 2026, Spinny successfully raised $170 million through a combination of primary and secondary transactions. The funding round was led by Fidelity Investments, with participation from existing investor Accel Leaders Fund. Following this funding, Spinny’s valuation is estimated to be between $1.4 billion and $1.5 billion.
Conclusion
Spinny’s impressive revenue growth and reduction in losses highlight its strong position in the used-car market. With a solid business model, strategic acquisitions, and a focus on customer service, Spinny is poised for continued success in the evolving automotive landscape.
Note: The information presented in this article is based on the latest financial reports and company announcements as of April 2026.
