Spinny’s Pre-IPO Makeover & India’s Used Car Market Conundrum

Spinny has spun off a narrative that India’s largely fragmented market of clunkers and trade-ins is on a swing.

The full-stack used-car platform last week saw its FY25 topline zoom 25% to INR 4,657 Cr, while it slammed the brakes on its losses from skidding beyond 28% at INR 424 Cr. This was the second straight year for the company to cut down on losses. 

Although most new-age tech platforms are deep into the red and struggling to set the unit economics after raising capital in quick succession, the financials for the last fiscal tell a…