India-based auto c-to-b-to-c vertical Cars24 has promoted Shivanshu Makkar, formerly an AVP of retail business, to the new chief financial officer (CFO) of the India business.
Makkar (LinkedIn profile) will spearhead Cars24’s financial strategy, fuelling growth through strong governance, disciplined capital allocation, and long-term planning, the company said in a news release.
Cars24 added that Makkar will be focusing on financial efficiency, compliance, risk management, and establishing frameworks that promote transparency, accountability, and organizational resilience. These priorities also correspond to the company’s IPO plans.
Makkar joined Cars24 in 2021 as a director – founder’s office, before moving to the company’s retail business. Along the way, he handled multiple responsibilities, including P&L, growth, customer experience, and operations. Makkar has also worked for McKinsey for five years.
Himanshu Ratnoo — who was promoted to CEO – used cars, Cars24, last December — said that Makkar brings a rare combination of financial acumen and business depth. “He has consistently turned challenges into opportunities and delivered impact across roles. As CFO, his ability to pair visionary thinking with disciplined execution will be central to strengthening our foundation.”
Makkar added, “My focus is to bring in the right financial discipline without slowing the pace of innovation. It’s about striking that balance, growing aggressively, but sustainably, and always with the customer at the centre.”
Founded in 2015, Cars24 was initially a b-to-b marketplace before shifting to a c-to-b-to-c model. It reported INR69.1 billion ($785 million) in operating revenue for the 12 months to March 2024. The company also operates in Australia and the UAE.
In July, Cars24 launched an after-sales program called Care+. This followed the shutdown of FourDoor — a subscription-based repair and maintenance service — and InSpare — a b-to-b spare parts delivery service. These closures led to more than 200 layoffs.
Most recently, Cars24 teamed up with ElevenLabs to deploy an AI-powered intelligence system that transcribes and processes more than 20,000 contact-centre conversations every month in 14 Indian regional languages.
