Used car retailing platform Spinny recorded a significant increase in losses and revenue in FY23. The company’s losses rose by 67.3% to Rs 820 crore, compared to Rs 490 crore in FY22. On the other hand, Spinny’s gross revenue surged 30 times to Rs 3,262 crore, up from Rs 109 crore in the previous fiscal year. The revenue surge was mainly attributed to the cash and carry model implemented by Spinny. Car sales contributed to 95% of the total gross operating revenue, amounting to Rs 3,105 crore. The remaining revenue came from services, including commissions on car sales and financial services. These figures are based on the financial statements submitted to the Registrar of Companies (RoC). In 2021, Spinny closed a $283 million funding round from new and existing investors, bringing its valuation to $1.8 billion and making it a unicorn. However, the company also underwent cost-cutting measures in August, which led to around 300 employees being laid off. Spinny merged its Truebil and Spinny Max divisions into the main platform, which resulted in operational efficiencies and better customer service. Despite the challenging year, Spinny remains optimistic about the future and the growing demand for reliable and budget-friendly cars. The company believes that by consolidating its inventory and focusing on offering more options to customers, it will be able to meet their needs more effectively.