CARS24 India Used-Cars CEO Himanshu Ratnoo Resigns Ahead of IPO Push
CE DESK 
Autotech unicorn CARS24 has parted ways with Himanshu Ratnoo, CEO of its India used-cars operations, which generate over half the company’s revenue. The exit, announced via internal emails, coincides with CARS24’s preparations for an IPO within 6–12 months and recent profitability milestones.
Ratnoo joined in August 2020 as VP Wholesale and rose to CEO Used Cars India in December 2024, spearheading franchise models, lead monetisation, luxury car revamps and innovations like Touch & Buy and CarTruth. In his farewell note, he called leading the team “the greatest privilege of my professional life,” crediting it for navigating volatility. Prior roles included stints at BlackBuck, UNCOVER Wellness, Foodpanda, Rocket Internet and Barclays; he holds an IIM Calcutta MBA.
Co-founder Vikram Chopra praised Ratnoo’s contributions in an all-hands email: “Organisations evolve. People evolve… Sometimes paths diverge.” He confirmed the used-cars leadership team will report to him directly amid a “new phase of institutional growth,” targeting ₹1,000 crore EBITDA in 24 months. H1 FY26 showed 18% revenue growth to ₹651 crore and 36% narrower adjusted EBITDA loss at ₹162 crore, driven by financing (₹1,637 crore loans disbursed).
The timing raises eyebrows: Ratnoo fronted CARS24’s high-profile T20 World Cup TV campaign, the firm’s first mass ad push in five years, just weeks ago. While insiders deny discord, the leadership shuffle precedes IPO scrutiny, with Chopra centralising control for the $200 billion used-car market play.
CARS24, founded 2015, operates in India, UAE and Australia, offering end-to-end services from buying/selling to financing and scrapping. Ratnoo’s departure marks a pivot as the SoftBank-backed firm eyes public markets.
