Cars24 vs Spinny: revenue, valuation and funding compared
The short answer
Spinny reported the highest revenue, about ₹6,000 crore in FY26, against Cars24 ₹5,091.7 crore in FY26. Cars24 and Spinny reported a loss.
Cars24 and Spinny are the two best-known platforms for buying and selling used cars online in India. Both were founded in 2015 and both add financing, insurance and servicing around the car sale. Spinny is based in Gurugram, buys and refurbishes cars itself, and has filed for an IPO. Cars24 is private. People compare them as the two leading rivals in used cars.
The years differ. Cars24's latest numbers are FY26, for its India business only, as operating revenue and net loss. Spinny's latest filed numbers are FY25, and its FY26 figures in the profile are an estimate from reports, not a filed account. Every number on this page comes from the two profiles.
Side by side
| Cars24 | Spinny | |
|---|---|---|
| Founded | 2015 | 2015 |
| Based in | — | Gurugram |
| What it sells | Used-car buying, selling and financing platform | Online marketplace for inspected used cars, with finance and servicing |
| Status | Private | IPO filed |
| Revenue, latest year | ₹5,091.7 crore FY26 | about ₹6,000 crore FY26 Bigger |
| Revenue, year before | ₹6,233 crore FY25 Bigger | ₹4,657 crore FY25 |
| Growth | -18% (FY25 to FY26) | +29% (FY25 to FY26) |
| Net profit (loss), latest year | ₹441.1 crore loss FY26 | about Rs -350 to -400 Cr FY26 |
| Last disclosed valuation | — | — |
| Total raised | $200M (disclosed rounds) Bigger | $170M (disclosed rounds) |
| Last round | Series E, $200 million, 2020 | Series G (primary and secondary), $170 million, Feb 2026 |
| Profile | Cars24 on StopDown | Spinny on StopDown |
Scale
On the latest reported years Cars24 is larger. Its India operating revenue was ₹5,091.7 crore in FY26, which fell 18.3% from the year before because it moved to a commission-based wholesale model. Spinny's revenue from operations was ₹4,657 crore in FY25, up from ₹3,730 crore in FY24. The years differ, so the two are not like for like.
Reports put Spinny's FY26 revenue near ₹6,000 crore, but that is an estimate. If it holds, Spinny would be ahead of Cars24 in FY26, so this page does not name a winner on revenue alone.
Money
Both lose money. Cars24 reported a net loss of ₹441.1 crore in its India business in FY26, narrowed 18.7% from ₹543 crore in FY25, and a positive adjusted EBITDA in the fourth quarter of FY26. Spinny reported a net loss of ₹423.8 crore in FY25, down from ₹590.3 crore in FY24, and reports put its FY26 loss at roughly ₹350 to 400 crore, again an estimate.
Cars24 became a unicorn with a $200 million Series E in 2020, has raised over $1.3 billion as reported, and its last reported valuation was over $3 billion. Spinny raised about $170 million in February 2026 in a Series G led by Fidelity with Accel as co-lead, of which about $90 million was new money and $80 million was existing shareholders selling. The profile gives no valuation for Spinny.
Where they are heading
Spinny bought the car-servicing brand GoMechanic in March 2026, with one report putting the price at ₹450 crore. It became a public company in August 2026 and reportedly filed confidential draft papers in September for an IPO of about ₹2,500 to 3,000 crore. Cars24's CFO said in September 2026 that it expects to file draft IPO papers by April after moving its parent company back to India. In November 2026 it teamed up with the Dubai dealer Alba Cars, and in August 2026 it put $5 million into Deployment Inc.
The numbers behind the table
Cars24: revenue and profit by year
| Year | Revenue | Profit or loss | Note |
|---|---|---|---|
| FY26 | ₹5,091.7 crore | ₹441.1 crore loss | India business, operating revenue, net loss |
| FY25 | ₹6,233 crore | ₹543 crore loss | India business, gross revenue, net loss |
| FY24 | ₹6,917 crore | — | revenue as reported in a January 2026 article; basis not stated |
Spinny: revenue and profit by year
| Year | Revenue | Profit or loss | Note |
|---|---|---|---|
| FY26 | about ₹6,000 crore | about Rs -350 to -400 Cr | estimate from reports, not a filed account |
| FY25 | ₹4,657 crore | ₹423.8 crore loss | revenue from operations; one source gives ₹4,746 crore and is left out |
| FY24 | ₹3,730 crore | ₹590.3 crore loss | revenue from operations |
Cars24: funding rounds
| Date | Round | Amount | Investors |
|---|---|---|---|
| 2020 | Series E | $200 million |
Spinny: funding rounds
| Date | Round | Amount | Investors |
|---|---|---|---|
| Feb 2026 | Series G (primary and secondary) | $170 million | Fidelity Investments (lead), Accel Leaders Fund (co-lead) |
Questions people ask
Which is bigger, Cars24 or Spinny?
On the latest filed or reported figures, Cars24. Its India operating revenue was ₹5,091.7 crore in FY26, while Spinny's revenue from operations was ₹4,657 crore in FY25. Reports of Spinny's FY26 revenue near ₹6,000 crore are an estimate.
Is Cars24 profitable?
Not on a net basis. Cars24's India business reported a net loss of ₹441.1 crore in FY26, down from ₹543 crore in FY25. It reported a positive adjusted EBITDA in the fourth quarter of FY26.
Who founded Cars24 and Spinny?
Cars24, founded in 2015, names Vikram Chopra (CEO), Gajendra Jangid and Ruchit Agarwal as co-founders, with Mehul Agrawal, who stepped down as COO. Spinny, also from 2015, names Niraj Singh (founder and CEO), Mohit Gupta and Ramanshu Mahaur.
Which has raised more money?
Cars24, which has raised over $1.3 billion to date as reported. Spinny's profile lists one round, about $170 million in February 2026, of which about $90 million was new capital.
Every figure on this page comes from the companies' StopDown profiles, which list the filing or statement behind each number: Cars24, Spinny. Revenue is revenue from operations unless the note says otherwise; valuations are as disclosed at a round or by the company; nothing here is investment advice. How StopDown counts.