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CARS24 elevates Himanshu Ratnoo as CEO of used cars India

EntrackrEntrackr · 1y ago
CARS24 elevates Himanshu Ratnoo as CEO of used cars India
Medial

Cars24, an e-commerce platform for pre-owned vehicles, has elevated Himanshu Ratnoo to the position of Chief Executive Officer (CEO) of Used Cars India. The announcement was made by Vikram Chopra, founder and CEO of CARS24, in an internal email to the organization. In his new role, Ratnoo will oversee the company’s C2B and retail operations, focusing on scaling growth and driving innovation. Ratnoo’s initiatives include the development of franchise models, lead monetization strategies, and a revamped approach to luxury car transactions. CARS24 offers services like buying, selling, loans, insurance, driver on demand, FASTag, challans, scrapping, and more, making it the only super app in this segment. Apart from this, through CARS24 Financial Services, the company offers various vehicle lending products to customers. Following a modest growth in FY23, Cars24 registered 25% year-on-year growth to Rs 6,917 crore in the fiscal year ending March 2024. However, the firm’s net losses stood at Rs 498.4 crore with an adjusted EBITDA of Rs 318.8 crore in FY24. Cars24 has not raised external funding in the last three years. In December 2021, the company raised $450 million at a valuation of $3.3 billion. Its major investors include Alpha Wave, SoftBank, Tencent, and DST Global.

Cars24 India used car CEO Himanshu Ratnoo resigns weeks after leading branding push

EntrackrEntrackr · 3m ago
Cars24 India used car CEO Himanshu Ratnoo resigns weeks after leading branding push
Medial

Himanshu Ratnoo, CEO of Cars24’s used-car business in India, is set to step down after nearly six years with the company. Following his exit, Cars24 co-founder and Group CEO Vikram Chopra will directly oversee the India used cars leadership team for the foreseeable future. The development was communicated internally through emails exchanged between Ratnoo and Chopra on Sunday, which were reviewed by Entrackr. While the company has cleared that the move is not linked to any internal differences, the timing of Ratnoo’s exit has raised questions within the ecosystem. His departure appears particularly abrupt given his growing visibility in the company’s public communication. Ratnoo was the face of Cars24’s recent television branding campaign during the T20 World Cup, which marked the firm’s return to large-scale advertising after a hiatus of nearly five years. Ratnoo joined Cars24 in August 2020 during a period of global uncertainty and later took over as CEO of the India used cars vertical in December 2024. He played a role in building and scaling several initiatives within the business, including Touch & Buy, the franchise model, and CarTruth. In an email to employees, Ratnoo described the decision to step down as difficult. “I have spent six years at this wonderful place, leading this group of talented colleagues has been the greatest privilege of my professional life,” he wrote. Responding to the note, Chopra told employees that the India used cars leadership team will work directly with him for the foreseeable future. He added that the company has navigated the volatility of the past few years and is now entering a new phase of institutional growth. Founded in 2015, Cars24 operates a digital marketplace for buying and selling used vehicles and has expanded its presence across several international markets, including Australia, the UAE, and the US. During the fiscal year ended March 2025, the company’s operating scale declined 10% year-on-year to Rs 6,233 crore, while it reported a loss of Rs 543 crore. In the first half of FY26, it claimed adjusted net revenue stood at Rs 651 crore, and the company expects this figure to cross Rs 750 crore in the second half of the fiscal year. Its competitor Spinny reported 25% year-on-year growth in revenue during FY25, which stood at Rs 4,657 crore. The Niraj Singh-led firm also cut losses by 28% to Rs 423 crore.

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