Cars24 Used-Car Business Leadership Changes
Cars24, a major player in the used-car market in India, is witnessing a leadership transition as Himanshu Ratnoo steps down from his role as CEO after nearly six years. Following his departure, Vikram Chopra, co-founder and Group CEO, will take charge of the leadership team in India’s used-car sector for the foreseeable future.
This shift was communicated internally via emails between Ratnoo and Chopra, which were reviewed by Startup Superb. While the company has made it clear that this decision is not related to any internal conflicts, the timing of Ratnoo’s exit has sparked curiosity within the industry. His exit seems particularly sudden considering his recent prominence in the company’s public campaigns.
Ratnoo was the prominent figure in Cars24’s recent television branding campaign during the T20 World Cup, which represented the company’s return to extensive advertising after nearly five years away from the spotlight.
Joining Cars24 in August 2020 during a time of global uncertainty, Ratnoo later assumed the role of CEO for the India used-car division in December 2024. His contributions have been significant, helping to develop initiatives like Touch & Buy, the franchise model, and CarTruth.
In a message to staff, Ratnoo expressed that deciding to step down was a challenging choice. He mentioned that spending six years at Cars24 and leading such a talented group was the greatest privilege of his professional journey.
In response to Ratnoo’s announcement, Chopra assured employees that the leadership team for India’s used-car business will work directly with him in the interim. He highlighted that the company has managed the tumultuous environment of recent years and is now poised for a phase of structured growth.
Founded in 2015, Cars24 has established itself as a digital marketplace for buying and selling used vehicles, and it has expanded its operations into various international markets, including Australia, the UAE, and the United States.
For the fiscal year ending March 2025, Cars24 reported a 10% year-on-year decrease in operating scale, amounting to Rs 6,233 crore, along with a loss of Rs 543 crore. In the first half of FY26, the company reported adjusted net revenue of Rs 651 crore, with expectations to surpass Rs 750 crore in the latter half of the fiscal year.