Results

Spinny grows FY24 revenue 14% and trims loss

By Startup Enthusiast · 5 November 2024

What they do

Spinny’s parent Valuedrive Technologies earned Rs 3,725 crore in operating revenue in FY24, up about 14% from Rs 3,260 crore

The company also cut its loss for the year, according to its filing with the corporate affairs ministry

It sells cars through an online-to-offline model, where buyers find cars online and finish the purchase at hubs

Spinny buys, checks and resells used cars online and through its own car hubs.
Almost all revenue (about 98%) comes from selling cars; the rest from commissions, services and ads.
It also runs car loans, the GoMechanic servicing business and the Autocar India titles.

Product: A platform that helps consumers buy, sell, and exchange used cars.
Customers: Individual car buyers and sellers, plus dealers and OEM partners.
How it makes money: It earns from car sale margins, exchange activity, and related services such as financing and warranties.
What sets it apart: Certified inspection and a managed, end-to-end transaction experience.
Operations: Operates an inventory-backed and platform-assisted used-car retail network.