Cars24 India CEO Himanshu Ratnoo resigns before IPO push

Himanshu Ratnoo has resigned as CEO of Cars24’s India used-cars business, according to an internal email reviewed by The Economic Times.

Cars24, a Gurugram-based, SoftBank-backed used-car marketplace, is preparing for an IPO.

Ratnoo joined Cars24 and was elevated to CEO of Cars24’s India used-cars business in 2024.

Co-founder and CEO Vikram Chopra wrote that the India leadership will work directly with him and said the company recently achieved profitability and is targeting 1,000 crore rupees (US$108.30 million) in EBITDA within the next 24 months.

In H1 FY26, Cars24 reported adjusted net revenue of 651 crore rupees (US$70.50 million), up 18% year-on-year, and said loans disbursed rose 38% to 1,637 crore rupees (US$177.29 million) globally; it was last valued at about US$3.3 billion after a US$450 million raise in 2021.

🔗 Source: The Economic Times

🧠 Food for thought

Implications, context, and why it matters.

The departing CEO was the public face of a trust campaign

Himanshu Ratnoo served as Cars24’s public face in a recent marketing push 1.
The ads promoted a “Lifetime Warranty” plus a “30-Day Return Policy.” Cars24 called them “industry-first” promises for used-car buyers 1.
The trust push matters because the company has drawn criticism over operations. Some customers have waited years for vehicle registration certificate (RC) transfers to finish 2.

Pre-IPO financials show a pivot toward better unit economics, even as losses continue

Co-founder and CEO Vikram Chopra said the company recently turned profitable. Cars24 still logged a ₹162 crore adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) loss in the first half of fiscal 2026 3.
Vehicle transaction GMV (gross merchandise value) slipped 5%. Adjusted net revenue rose 18% 4.
The company is moving away from lower-margin wholesale deals. It is putting more effort into retail sales, financing, plus ownership services 3.
Many tech unicorns take this route before an IPO. Analysts expect firms in this space to reach breakeven through tighter spending plus higher-margin services 5.