Used-car retailer Spinny (Valuedrive Technologies Pvt. Ltd.) has shown strong improvement in its financials for FY25. The company reported higher revenue and lower losses, signaling a shift toward tighter execution in a slow-moving used-car market.
Strong Revenue Growth
Spinny’s operating revenue rose 25% to INR 4,657 crore in FY25, up from INR 3,730 crore in FY24, according to filings with the Registrar of Companies (RoC) and The Kredible. The growth is notable because the used-car sales sector faced challenges in FY23 and FY24.
The company’s net loss fell to INR 424 crore in FY25, down 28% from INR 590 crore in FY24. In FY23, losses were much higher at INR 820 crore. This marks the second straight year of shrinking losses. Operating losses also narrowed 27% to INR 381 crore.
The improvement in margins helped Spinny move closer to breakeven, even though it remains loss-making.
Anik Banerjee
Cost Structure and Expense Control
Spinny’s total expenses increased 17% to INR 5,170 crore in FY25, slower than its revenue growth. Procurement of used cars continued to dominate, with purchase of goods at INR 4,309 crore.
Employee costs were cut to INR 338 crore from INR 392 crore in FY24, showing the company’s effort to control overheads. Finance costs fell 12% to INR 80 crore, while depreciation and amortisation declined 15% to INR 52 crore. Other expenses rose slightly to INR 242 crore.
This balanced expense control, along with improving gross margins, helped reduce losses.
| Particulars | FY24 (INR crore) | FY25 (INR crore) |
|---|---|---|
| Revenue from Operations | 3,730 | 4,657 |
| Total Expenses | 4,405 | 5,170 |
| Net Loss | 590 | 424 |
Funding Boost and Valuation
Spinny raised $170 million in June 2025, led by US-based Accel Leaders Fund, at a flat valuation of $1.7–1.8 billion. Other investors like WestBridge Capital, Nandan Nilekani’s Fundamentum, Tiger Global, Elevation Capital, and General Catalyst also participated.
Earlier, in December 2021, Spinny raised $283 million from ADQ, Tiger Global, and Avenir Growth, which pushed it into the unicorn club at a $1.8 billion valuation.
The latest funding round gives Spinny more room to consolidate and sharpen its focus on profitability.
Rishita Jain
Industry Outlook
India’s used-car market is expanding fast. According to the Indian Blue Book report by car&bike and Das WeltAuto, 5.1 million used cars were sold in FY23, with the market worth $34 billion. By FY28, the market is expected to grow to $73 billion, with sales of 10.9 million used cars.
Spinny faces tough competition from Cars24, CarDekho, and CarTrade. Many platforms are now trying to add revenue from financing, insurance, and classifieds.
Closer to Breakeven
With revenue growing faster than expenses and losses narrowing for two years in a row, Spinny appears to be moving closer to breakeven. The company is focusing on efficiency, better margins, and controlled spending.
For a market that is set to double in size by FY28, Spinny’s FY25 numbers show resilience and steady progress.
Nitin Konde
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