Cars24 India used car business CEO Himanshu Ratnoo steps down after five years

Cars24’s India used car business chief executive Himanshu Ratnoo is stepping down from his role after more than five years at the company, marking a leadership change at the online used-car marketplace as it prepares for a potential public listing.

Ratnoo informed colleagues of his departure in an internal note, according to Inc42, which first reported the development citing sources familiar with the matter.

The executive had been leading Cars24’s India used-car operations since July 2024, after joining the company in 2019 as vice president. Over his tenure, he helped steer the firm’s core marketplace operations in one of its most important markets.

Cars24 cofounder and chief executive Vikram Chopra will take direct charge of the India used-cars business following Ratnoo’s exit, according to the report.

“The Indian used cars leadership team will work directly with me for the foreseeable future,” Chopra said in an internal email seen by Inc42, thanking Ratnoo for his contributions during his time at the company.

Leadership change comes amid IPO preparations

The leadership shift comes shortly after Cars24 signalled plans to pursue an initial public offering.

In January, Chopra said the company was considering going public within six to twelve months, highlighting improvements in the startup’s financial performance as it positions itself for the public markets.

According to Chopra’s LinkedIn post cited by Inc42, Cars24’s adjusted net revenue rose 18% year-on-year to ₹651 crore in the first half of FY26, while the company reduced its adjusted EBITDA loss by 36% to ₹162 crore over the same period.

The company is seeking to strengthen its position in India’s $200 billion used-car market, which has seen rapid growth driven by digital marketplaces and rising demand for pre-owned vehicles.

Ratnoo’s career spans technology and logistics firms

Before joining Cars24, Ratnoo spent nearly two years at logistics platform BlackBuck, according to Inc42. The IIM Calcutta alumnus has also worked at companies including Foodpanda, Barclays and Rocket Internet during his more than 15-year career in technology and digital businesses.

His next professional move has not yet been disclosed.

Expansion beyond used-car marketplace

The company has also been expanding its business beyond its core used-car marketplace through acquisitions and product extensions.

In 2025, Cars24 acquired automobile community platform Team-BHP, marking its entry into the automotive content commerce space. The company later acquired vehicle information platform CarInfo, aiming to deepen its relationship with customers after vehicle purchases, according to Inc42.

Founded in 2015 by Gajendra Jangid, Mehul Agrawal, Ruchit Agarwal and Vikram Chopra, Cars24 operates a digital marketplace for buying and selling pre-owned vehicles.

The startup has raised more than $1.3 billion in funding and entered the unicorn club following its $200 million Series E round in 2020, according to industry reports.

Cars24 competes with platforms such as Spinny, Droom, CarDekho and CarTrade in India’s increasingly competitive online used-car market.

As the company explores a potential stock market listing and continues to expand into adjacent services, the leadership transition places greater operational responsibility on Chopra while the firm navigates its next phase of growth.