Himanshu Ratnoo, CEO of Cars24's India used-cars business, has resigned. His departure occurs as the SoftBank-backed company prepares for an initial public offering (IPO).
The company's cofounder stated the India used-cars team will now report directly to him, noting recent profitability and a target of Rs 1,000 crore in Ebitda within two years. Cars24's financial performance shows growth, with financing becoming a key driver.
The article also provides context on the competitive landscape, noting a recent funding round for rival Spinny.
Main Topics: Executive resignation (Himanshu Ratnoo), Company transition and IPO plans, Cars24's financial performance and targets, Competitive industry context.
Himanshu Ratnoo, CEO of SoftBank-backed Cars24âs India used-cars sales business, has resigned from his role, according to an email sent to the companyâs employees. The email was reviewed by ET.
Ratnoo, who joined Cars24 in 2020 as vice president, was elevated to India used-cars CEO role in 2024. This vertical accounts for more than 50% of the Gurugram-based companyâs overall business. Prior to joining the company, Ratnoo worked with Bengaluru-based logistics tech platform Blackbuck.
His departure comes at a time when Cars24 is preparing for an initial public offering (IPO).
In the email sent to the companyâs employees, Cars24 cofounder and CEO Vikram Chopra wrote, âOrganisations evolve. People evolve. We have successfully navigated the volatility of the last few years and are now entering a new phase of institutional growth. Sometimes, the path that is right for the organisation and the path that is right for an individual naturally divergeâ.
âThe India used cars leadership team will work directly with me for the foreseeable future,â he noted, adding that the company recently achieved profitability and has set a target of clocking Rs 1,000 crore in Ebitda within the next 24 months.
Queries sent to Cars24 and Ratnoo did not elicit a response.
Cars24 had reported an adjusted net revenue of Rs 651 crore for the April-September period, up 18% year-on-year, according to the companyâs H1 FY26 performance update. Financing has emerged as a key growth driver for the company, with loans disbursed also rising 38% year-on-year to Rs 1,637 crore globally.
The company was last valued at about $3.3 billion, after raising $450 million in 2021.
Its rival Spinny, in February, closed a $160-170-million investment round led by US-based investors Fidelity and Accel Leaders Fund, including a mix of primary and secondary transactions that valued the company at $1.4-1.5 billion.
Ratnoo, who joined Cars24 in 2020 as vice president, was elevated to India used-cars CEO role in 2024. This vertical accounts for more than 50% of the Gurugram-based companyâs overall business. Prior to joining the company, Ratnoo worked with Bengaluru-based logistics tech platform Blackbuck.
His departure comes at a time when Cars24 is preparing for an initial public offering (IPO).
In the email sent to the companyâs employees, Cars24 cofounder and CEO Vikram Chopra wrote, âOrganisations evolve. People evolve. We have successfully navigated the volatility of the last few years and are now entering a new phase of institutional growth. Sometimes, the path that is right for the organisation and the path that is right for an individual naturally divergeâ.
âThe India used cars leadership team will work directly with me for the foreseeable future,â he noted, adding that the company recently achieved profitability and has set a target of clocking Rs 1,000 crore in Ebitda within the next 24 months.
Queries sent to Cars24 and Ratnoo did not elicit a response.
Cars24 had reported an adjusted net revenue of Rs 651 crore for the April-September period, up 18% year-on-year, according to the companyâs H1 FY26 performance update. Financing has emerged as a key growth driver for the company, with loans disbursed also rising 38% year-on-year to Rs 1,637 crore globally.
The company was last valued at about $3.3 billion, after raising $450 million in 2021.
Its rival Spinny, in February, closed a $160-170-million investment round led by US-based investors Fidelity and Accel Leaders Fund, including a mix of primary and secondary transactions that valued the company at $1.4-1.5 billion.
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