CosmicTaco

Spinny's FY24 Revenue Rises 14%, Losses Decrease by 28%

CosmicTaco · 2024-11-05T08:24:31.805580+05:30

- Spinny, a used car sales platform, reported a 14% increase in operating revenue for FY24, reaching Rs 3,275 crore ($389 million). - The company also managed to reduce its net loss by 28% to Rs 590 crore ($70 million), largely due to cuts in marketing and employee benefits expenses. - Spinny expects to grow at a rate of 25% to 30% in fiscal 2025, which would imply an expected topline of around Rs 4,093 crore ($486 million) to Rs 4,257 crore ($506 million). - New services such as car financing and servicing are expected to contribute more to Spinny's revenue in the coming fiscal. - Spinny competes with Cars24 and CarDekho, with the latter planning to raise Rs 3,000 crore ($356 million) to Rs 4,000 crore ($475 million) for its IPO next year. Source: [The Arc](https://thearcweb.com/article/fy24-spinny-revenue-rises-14-to-rs-3275-crore-losses-narrow-by-28-lO6ycRmejSLJSsTh)

Spinny, a used car sales platform, reported a 14% increase in operating revenue for FY24, reaching Rs 3,275 crore ($389 million).
The company also managed to reduce its net loss by 28% to Rs 590 crore ($70 million), largely due to cuts in marketing and employee benefits expenses.
Spinny expects to grow at a rate of 25% to 30% in fiscal 2025, which would imply an expected topline of around Rs 4,093 crore ($486 million) to Rs 4,257 crore ($506 million).
New services such as car financing and servicing are expected to contribute more to Spinny's revenue in the coming fiscal.
Spinny competes with Cars24 and CarDekho, with the latter planning to raise Rs 3,000 crore ($356 million) to Rs 4,000 crore ($475 million) for its IPO next year.

Source: The Arc