The loss of Spinny, a Tiger Global-backed used-car marketplace Spinny, grew by more than 300% in a year (YoY), to INR 490 Crore in the financial year 2021-22. Due to an increase in its advertising costs, the startup’s loss increased 4.4X from INR110 Cr in FY21.
From INR 39.7 Cro in FY21, the total revenue soared 4.5X to INR180 Cr. The startup’s expenses increased to INR 670 Crore in FY22, which is a 346% increase over INR 150 Cr.
In FY22, Spinny became a unicorn when its revenue from operations grew 332% to INR109.4 Cro. In FY21, operating revenue was INR 25.2 Cro.
Spinny made INR 90.2 Crore from the sale of services in FY22, compared to INR 19.1 Cro under ‘other operating revenue’ in FY21. Its other income was INR 70.5 Cr. Its other income is usually interest earned from investments.
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The startup claimed in November that its gross merchandise value (GMV), grew by $300 Mn in 2021. This was a 5X increase and it was expected to reach $1 Bn in 2022.
The startup integrates technology into pre-owned cars and operates throughout the entire value chain.