People · Commerce & Consumer Brands

Cars24 India CEO steps down, cofounder takes over

By Startup Enthusiast · 9 March 2026

What they do

Cars24 runs an online marketplace for buying and selling pre-owned cars

Himanshu Ratnoo is stepping down as CEO of Cars24 India; cofounder Vikram Chopra will lead directly

The change comes as Cars24 prepares for an IPO in the next 6–12 months

Himanshu Ratnoo is stepping down as CEO of Cars24 India used cars business.
He had been in the role since July 2024 and joined Cars24 in 2019 as VP.
Cofounder and CEO Vikram Chopra will take over leadership of the India used cars business directly.
Ratnoo's next move is not yet known.
Cars24 announced IPO plans in January 2026, targeting a public listing in 6–12 months.
In H1 FY26, Cars24's adjusted net revenue was ₹651 Cr, up 18% year-on-year.
Its adjusted EBITDA loss narrowed 36% to ₹162 Cr in the same period.

Cars24 is a marketplace for buying and selling pre-owned cars.
It also offers car loans, new cars, and challan services (payment of traffic fines).
The company acquired Team BHP in 2025 for automobile content commerce.
It also acquired CarInfo to enhance post-sales customer relationships.
Cars24 competes with Spinny, Droom, CarDekho, and CarTrade.

Product: An online platform for used-car buying, selling, and related lending services.
Customers: Consumers and dealers transacting in used cars.
How it makes money: It earns from vehicle sales, marketplace transactions, and financing-related services.
What sets it apart: Uses AI to improve operating efficiency and support growth.
Operations: Operates across multiple countries and runs auction and retail businesses in India.