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Cars24 CEO Himanshu Ratnoo to step down, Vikram Chopra takes the reins: Reports
Co-founder Vikram Chopra will lead India’s used car business after Ratnoo exit
MUMBAI: According to media reports, Himanshu Ratnoo is stepping down as CEO of Cars24, handing the reins to co-founder Vikram Chopra, who will now lead the India used cars business.
Ratnoo, an IIM Calcutta alumnus, joined Cars24 in 2020 as vice president before becoming CEO in July 2024. Over the past year, he has driven strategic growth and innovation in the country’s bustling used car market.
Before Cars24, Ratnoo built an impressive track record across India and Southeast Asia. He led logistics operations at foodpanda and Jabong, scaled last-mile delivery for Rocket Internet across multiple countries, and served in senior strategy roles at BlackBuck. He also co-founded Uncover Wellness and Meddo Health, showcasing his entrepreneurial flair.
A graduate of BITS Pilani with a BE in Computer Science, Ratnoo began his career at the Aditya Birla Group and had a stint at Barclays in London, adding global experience to his extensive leadership résumé.
Vikram Chopra, who co-founded Cars24 and knows the business inside out, now faces the challenge of keeping momentum in one of India’s most competitive digital marketplaces. The move signals a new chapter for Cars24 as it accelerates its growth in the booming used car segment.
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Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
