CARS24, a leading platform for pre-owned vehicles, has promoted Himanshu Ratnoo to the position of Chief Executive Officer for its Used Cars India division. Ratnoo, who joined the company in 2020 as Vice President overseeing the wholesale business, will now lead the consumer-to-business (C2B) and retail operations in India.

Leadership Transition

This move comes as part of CARS24’s strategic efforts to solidify its market position in the rapidly growing pre-owned car segment. Ratnoo will replace the interim management approach previously handled by the founding team, including Vikram Chopra, CARS24's overall CEO.

Key Initiatives Under New Leadership

Ratnoo is expected to drive several key initiatives, including:

Expanding Franchise Models: To broaden CARS24’s reach across India.

Growing the Luxury Car Segment: Enhancing focus on high-end vehicle transactions.

Improving Lead Monetization: Creating innovative strategies to convert customer interest into revenue.

Enhancing Value-Added Services: Building customer loyalty through improved services.

About CARS24

Founded in 2015, CARS24 provides a seamless platform for buying and selling vehicles, offering services such as vehicle financing, insurance, driver-on-demand, FASTag management, challan services, and scrapping. The company also operates a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India, providing tailored vehicle lending solutions.

Financial Performance

CARS24 has demonstrated strong growth in recent years. In the fiscal year ending March 2024, the company achieved a gross revenue of ₹6,917 crore, marking a 25% increase over the previous year. Despite net losses of ₹498.4 crore, operational efficiency improved with an adjusted EBITDA of ₹318.8 crore.

Funding and Valuation

CARS24 last raised external funding in December 2021, securing $450 million at a valuation of $3.3 billion. The company counts major investors like Alpha Wave, SoftBank, Tencent, and DST Global among its backers.

Our Opinion on the News

Himanshu Ratnoo’s appointment signals a decisive move by CARS24 to strengthen its leadership team and maintain its competitive edge in India’s pre-owned vehicle market. With a proven track record in driving growth, Ratnoo is poised to elevate CARS24’s performance through strategic innovation and operational excellence. This leadership change is likely to shape the company’s trajectory positively in the years ahead.

Source: ISN