CARS24, a leading platform for buying and selling pre-owned vehicles, has named Himanshu Ratnoo as the CEO of its Used Cars India division. The announcement was made by Vikram Chopra, CARS24’s founder and global CEO, in an internal communication to the team.
Himanshu Ratnoo Joined as VP
Ratnoo, who joined CARS24 in 2020 as vice president of the wholesale business, will now oversee the company’s customer-to-business (C2B) and retail operations. His primary focus will be on driving growth, scaling key initiatives, and introducing innovative strategies to enhance the platform’s services.
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In his new role, Ratnoo will spearhead efforts to expand franchise operations and introduce new models for luxury car sales. Additionally, he will work on monetizing customer leads and enhancing value-added services to improve the overall experience for buyers and sellers alike.
About CARS24’s Unique Business
CARS24 has built a comprehensive ecosystem for vehicle transactions, offering services such as buying, selling, financing, insurance, FASTag issuance, and vehicle scrapping. Through its NBFC arm, CARS24 Financial Services, the company also provides a range of vehicle financing options, operating under the approval of the Reserve Bank of India.
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Founded in 2015, CARS24 operates in India, Australia, and the UAE, leveraging AI-powered pricing tools and rigorous quality checks to ensure fair and transparent deals. Despite reporting net losses of ₹498.4 crore in the fiscal year ending March 2024, the company showed significant progress with a 25% jump in gross revenue, reaching ₹6,917 crore. Adjusted EBITDA also improved to ₹318.8 crore, reflecting better control over operational expenses.
