CARS24 elevates Himanshu Ratnoo as CEO of Used Cars India

CARS24, a well-known e-commerce platform for pre-owned vehicles, has announced that it is promoting Himanshu Ratnoo to chief executive officer of its Used Cars India division.

The appointment was confirmed by Vikram Chopra, who is the founder and CEO of CARS24, through an internal email to the team. Ratnoo joined the company in 2020 as vice president, where he led the wholesale business, and will now focus on driving growth across the company’s C2B and retail operations.

Focused on scaling growth

Ratnoo’s responsibilities will include scaling various initiatives such as franchise models and developing fresh approaches to luxury car transactions. He has also been instrumental in exploring new ways to monetize customer leads and expand value-added services that improve the overall experience for car buyers and sellers.

CARS24 has combined multiple services into a single platform, including buying, selling, lending, insurance, driver-on-demand, FASTag, challans, and vehicle scrapping. Its NBFC arm, CARS24 Financial Services, offers different vehicle lending products and is registered with the Reserve Bank of India.

Cars24's market presence

Founded in 2015, CARS24 serves customers in India, Australia, and the United Arab Emirates. The company relies on a smart AI-driven pricing engine and detailed quality checks to ensure transparent transactions.

In the fiscal year ending March 2024, CARS24 India reported a gross revenue of Rs 6,917 crore, marking a 25% increase from Rs 5,530 crore in the previous year.

Despite net losses amounting to Rs 498.4 crore, the company’s adjusted EBITDA for the year stood at Rs 318.8 crore, reflecting an improvement in managing operational costs.

CARS24 last raised external funding in December 2021, bringing in $450 million at a valuation of $3.3 billion. The company counts Alpha Wave, SoftBank, Tencent, and DST Global among its prominent investors.