CARS24 promotes Himanshu Ratnoo as CEO to drive growth and innovation
Himanshu Ratnoo joined CARS24 in 2020 as Vice President and led the wholesale business.
Autotech platform said on Monday that it promoted Himanshu Ratnoo to Chief Executive Officer (CEO) for Used Cars India.
As the CEO, Ratnoo will oversee C2B and retail operations, driving growth and innovation through franchise models, lead monetisation, and a revamped luxury car strategy. He has also expanded value-added services to enhance customer experiences, aligning with CARS24's vision of simplifying car ownership, the company said in a statement.
Vikram Chopra, Founder and CEO of CARS24, announced the appointment in an internal email to the team.
Ratnoo joined CARS24 in 2020 as Vice President and led the wholesale business.
Founded in 2015, CARS24 facilitates the sale, purchase, and financing of pre-owned cars across India, Australia, and the UAE. It has integrated buying, selling, loans, insurance, driver-on-demand, FASTag, challans, and vehicle scrapping solutions into a single platform.
CARS24 leverages a smart AI pricing engine and 140 quality checks to ensure a seamless, transparent experience for customers.
Through its NBFC arm, CARS24 Financial Services, registered with the Reserve Bank of India, it also provides customer-focused vehicle lending products and value-added services.
Recently, the autotech platform reported a 25% year-on-year growth in FY24. However, the company posted a net loss of Rs 498.4 crore, with an adjusted EBITDA of Rs 318.8 crore. Gross revenue for CARS24 India increased to Rs 6,917 crore in FY24, up from Rs 5,530 crore in FY23.
Earlier in July, it secured Rs 250 crore in funding from its Singapore-based parent company, Global Car Group Ltd, through the approval of the board's allotment of 2.18 lakh equity shares for the total amount.
Edited by Suman Singh