Ratnoo Takes the Wheel: Himanshu Ratnoo Promoted to CEO of Cars24 Used-Car Business
Portfolio - People | Dec 30, 2024 | Aim Group
India-based auto marketplace Cars24 has promoted Himanshu Ratnoo to CEO of its used-car business, in a move that reflects the importance of this segment, which accounted for 92% of the company's revenue in the most recent fiscal year. Ratnoo, who joined Cars24 in 2020 as a vice president, has been instrumental in reshaping the company's used-luxury-car strategy and expanding its franchise model. In his new role, he will continue to drive Cars24's vision to simplify car ownership. This appointment comes on the heels of Cars24's efforts to streamline processes through technology, such as the integration of a chatbot, Autonaut, and partnerships with TrueCaller, Lawyered, and BlackSuit. Additionally, Cars24 is preparing for future growth with plans to hire over 100 tech experts and is moving towards an IPO, backed by recent funding from its Singapore-based parent company, Global Car Group Ltd.
Sectors
- Automobile Industry
- Technology
- Financial Services
Geography
- India – Cars24 is an India-based company, and the promotion of Himanshu Ratnoo pertains to its operations within India.
- Singapore – Cars24 received funding from its Singapore-based parent company, Global Car Group Ltd., indicating financial ties to this geography.
Industry
- Automobile Industry – The article discusses Cars24, which operates in the automobile industry by facilitating the sale of used cars.
- Technology – Cars24's use of technology, including chatbots and process optimization tools, plays a crucial role in enhancing customer experience and operational efficiency.
- Financial Services – Cars24 is heading towards an IPO and has secured significant funding, indicating its relevance to financial services.
Financials
- $30 million – Funding amount raised by Cars24 from its Singapore-based parent Global Car Group Ltd.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Cars24 | Target Company | Company | An India-based auto marketplace specializing in the sale of used cars. |
| Himanshu Ratnoo | Person | People | Recently promoted to CEO of Cars24's used-car business. |
| Vikram Chopra | Person | People | Co-founder and group CEO of Cars24 who announced the promotion. |
| Global Car Group Ltd. | Investor/Parent Company | Company | The Singapore-based parent company of Cars24. |
| TrueCaller | Technology Partner | Company | Collaborated with Cars24 to streamline customer communications. |
| Lawyered | Legal Advisor | Company | Assisted Cars24 in title transfer processes. |
| BlackSuit | Legal Consultant | Company | Partnered with Cars24 to optimize legal processes. |