Cars24 India used car CEO Himanshu Ratnoo resigns weeks after leading branding push

Himanshu Ratnoo, CEO of Cars24’s used-car business in India, is set to step down after nearly six years with the company. Following his exit, Cars24 co-founder and Group CEO Vikram Chopra will directly oversee the India used cars leadership team for the foreseeable future.

The development was communicated internally through emails exchanged between Ratnoo and Chopra on Sunday, which were reviewed by Entrackr. 

While the company has cleared that the move is not linked to any internal differences, the timing of Ratnoo’s exit has raised questions within the ecosystem. His departure appears particularly abrupt given his growing visibility in the company’s public communication. 

Ratnoo was the face of Cars24’s recent television branding campaign during the T20 World Cup, which marked the firm’s return to large-scale advertising after a hiatus of nearly five years.

Ratnoo joined Cars24 in August 2020 during a period of global uncertainty and later took over as CEO of the India used cars vertical in December 2024. He played a role in building and scaling several initiatives within the business, including Touch & Buy, the franchise model, and CarTruth.

In an email to employees, Ratnoo described the decision to step down as difficult. “I have spent six years at this wonderful place, leading this group of talented colleagues has been the greatest privilege of my professional life,” he wrote.

Responding to the note, Chopra told employees that the India used cars leadership team will work directly with him for the foreseeable future. He added that the company has navigated the volatility of the past few years and is now entering a new phase of institutional growth.

Founded in 2015, Cars24 operates a digital marketplace for buying and selling used vehicles and has expanded its presence across several international markets, including Australia, the UAE, and the US.

During the fiscal year ended March 2025, the company’s operating scale declined 10% year-on-year to Rs 6,233 crore, while it reported a loss of Rs 543 crore. In the first half of FY26, it claimed adjusted net revenue stood at Rs 651 crore, and the company expects this figure to cross Rs 750 crore in the second half of the fiscal year. Its competitor Spinny reported 25% year-on-year growth in revenue during FY25, which stood at Rs 4,657 crore. The Niraj Singh-led firm also cut losses by 28% to Rs 423 crore.