Synopsis
Mehul Agrawal, cofounder of used car marketplace Cars24, is stepping down from his operational role after over a decade. He will remain on the company's Board. This move follows cofounder Gajendra Jangid's recent exit as CMO, amidst Cars24's growth and preparations for an IPO.Announcing the news in a LinkedIn post on Thursday, Agrawal described the move as the culmination of “4000 relentless days of blood, sweat and heart.”
In 2015, Agrawal cofounded Cars24 alongside CEO Vikram Chopra, Ruchit Agarwal and Gajendra Jangid, positioning the company as a technology-driven marketplace for buying and selling used vehicles.
Despite stepping away from day-to-day operations, Agrawal confirmed he will remain closely associated with the company as a member of the Board.
Prior to Cars24, The Indian Institute of Management (IIM) Calcutta alumnus spent his early professional years in consulting and finance, including stints at Boston Consulting Group and Morgan Stanley. He also cofounded FabFurnish, an online furniture marketplace, where he served as founder and managing director between 2012 and 2015.
The development comes two days after cofounder Jangid announced he was exiting his role as chief marketing officer.
Cars24 has grown into a more-than-$3 billion enterprise, operating across multiple geographies and with ambitions of scaling into a $100 billion company, Agrawal said in his post.
The current development adds to the top-deck churn at the SoftBank-backed company. Himanshu Ratnoo, CEO of the India used-cars business, resigned from his role in March. Ratnoo, who joined Cars24 in 2020 as vice president, was elevated to the post in 2024.
The company is also preparing for an initial public offering (IPO), CEO Chopra had said earlier.
Cars24 reported an adjusted net revenue of Rs 651 crore for the April-September period, up 18% year-on-year, according to the company’s H1 FY26 performance update.
The company expects adjusted net revenue of more than Rs 750 crore in the second half of FY26, implying around 35% year-on-year growth.
Cars24 operates in India, the UAE and Australia and claims that more than 11 million users visit its platform every month.
