Himanshu Ratnoo Steps Up as CEO of CARS24 Used Cars India

Autotech platform Cars24 has promoted Himanshu Ratnoo to Chief Executive Officer (CEO) for Used Cars India. In his new role, Ratnoo will lead C2B and retail operations, focusing on growth through franchise models, lead monetization, and an updated luxury car strategy.

He has also expanded value-added services to improve customer experience, supporting Cars24's mission to simplify car ownership, the company stated.

Vikram Chopra, founder and CEO of CARS24, shared the announcement in an internal email to the team. Ratnoo joined CARS24 in 2020 as Vice President, managing the wholesale business.

Read more -  Srinivas Yanamandra Steps Down as Paytm's Compliance Head

CARS24 Financial Services, its NBFC arm registered with the Reserve Bank of India, offers vehicle loans and other value-added services focused on customer needs.

Cars24 recently reported a 25% year-on-year growth in FY24. Despite this, it faced a net loss of Rs 498.4 crore, with an adjusted EBITDA of Rs 318.8 crore. Its gross revenue rose to Rs 6,917 crore in FY24, compared to Rs 5,530 crore in FY23. In July, the company secured Rs 250 crore in funding from its Singapore-based parent, Global Car Group Ltd, through the board’s approval to allot 2.18 lakh equity shares.

About Car24

Founded in 2015 by Vikram Chopra, Gurugram-based Cars24 is an auto marketplace that helps people buy, sell, and finance pre-owned cars in India, Australia, and the UAE. It offers a single platform for buying, selling, loans, insurance, driver-on-demand, FASTag, challans, and vehicle scrapping. Cars24 uses an AI-powered pricing engine and 140 quality checks to provide a smooth and transparent experience for customers.

Funding News: Your Gateway to Every Funding Update.

Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Startup Stories: Discover inspiring tales of startups overcoming challenges and achieving success.