Cars24, the e-commerce platform for pre-owned vehicles, has promoted Himanshu Ratnoo to the position of Chief Executive Officer (CEO) of Used Cars India. The announcement was shared in an internal email by Vikram Chopra, founder and CEO of Cars24.
In his elevated role, Ratnoo will spearhead the company’s Consumer-to-Business (C2B) and retail operations. His focus will be on scaling growth and fostering innovation across the organization. Among Ratnoo’s strategic contributions are initiatives such as the development of franchise models, optimization of lead monetization strategies, and refining the company’s approach to luxury car transactions.
Cars24 continues to solidify its position as a comprehensive platform for vehicle-related services. From buying and selling pre-owned vehicles to offering loans, insurance, driver-on-demand services, FASTag, challan management, and scrapping solutions, the company has established itself as the only super app in its segment. Additionally, through Cars24 Financial Services, the firm provides a suite of vehicle lending products tailored to customers’ needs.
The company has shown promising growth, reporting a 25% year-on-year increase in revenue, reaching ₹6,917 crore for the fiscal year ending March 2024. Despite the growth, Cars24 posted a net loss of ₹498.4 crore, with an adjusted EBITDA of ₹318.8 crore in FY24.
Cars24 has not raised external funding in the past three years. However, in December 2021, it secured $450 million at a valuation of $3.3 billion. Its major investors include Alpha Wave, SoftBank, Tencent, and DST Global.
Ratnoo’s leadership is expected to steer Cars24 through its next phase of growth, as the company focuses on further scaling its operations and enhancing its innovative offerings in the competitive pre-owned vehicle market.
