CARS24’s India used car business CEO Himanshu Ratnoo will be stepping down from his role, sources have told Inc42.
In an internal note, Ratnoo announced his decision to depart from the startup after an over five year long tenure. Notably, he has been at the helm of CARS24’s India used car operations since July 2024. He joined the startup in 2019 as a vice president.
Cofounder and CEO Vikram Chopra will take over the reins from Ratnoo. “The Indian used cars leadership team will work directly with me for the foreseeable future,” Chopra wrote in an internal mail after thanking Ratnoo’s for his tenure.
Prior to joining CARS24, Ratnoo had a near two year long stint with logistics major BlackBuck. The IIM-C alum has worked with companies like Food Panda, Barclays and Rocket Internet across his over decade and a half long career. His next move is yet to be discerned.
The fresh development came almost two months after Chopra announced CARS24’s IPO plans. In January, Chopra took to social media to share that the startup would be looking to go public in the next six to twelve months.
Without sharing details about the size of the public issue or the valuation that CARS24 would target, Chopra highlighted significant improvements in the startup’s financial health to support its bid to crack the $200 Bn used car market.
In his Linkedin post, Chopra had said that the startup’s adjusted net revenue in the first half (H1) of FY26 rose 18% YoY to ₹651 Cr. The improvement in the top line helped the startup trim its adjusted EBITDA loss by 36% YoY to ₹162 Cr.
Important to highlight that CARS24 has also been on an acquisition spree to expand beyond the used car marketplace business and enter new verticals. In 2025, it forayed into the automobile-focussed content commerce market with the acquisition of Team BHP. Subsequently, it also acquired vehicle information platform CarInfo to enhance its post-sales relationship.
CARS24 was founded by Gajendra Jangid, Mehul Agrawal, Ruchit Agarwal and Chopra in 2015 as a marketplace for automobiles for buying and selling pre-owned cars. It has raised over $1.3 Bn to date and entered the unicorn club with its $200 Mn Series E round in 2020.
The startup competes against the likes of Spinny, Droom, CarDekho, CarTrade, among others.
The post Exclusive: CARS24’S India Used Car CEO Himanshu Ratnoo To Quit, Vikram Chopra Takes Charge appeared first on Inc42 Media.
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