Cars24 has announced the appointment of Jayesh Sanghrajka, the Chief Financial Officer of Infosys, as an independent director on its board. This decision was shared by Cars24 cofounder and CFO Ruchit Agarwal in a recent blog post, highlighting its significance as the company aims to scale its operations and pursue a public market listing.
Sanghrajka brings over ten years of experience in navigating public markets across different regulatory environments. His role at Infosys has involved overseeing finance, mergers and acquisitions, and investor relations for a company that is publicly traded in both India and the United States.
Ruchit Agarwal noted that Sanghrajka is well-acquainted with Cars24, having served on its audit committee for the past four years and chaired several meetings. Agarwal emphasized the importance of having experienced individuals on the team as Cars24 seeks to build a robust infrastructure for vehicle transactions across India, the UAE, and Australia.
Strategic Importance
Agarwal stated, "Cars24 is not a transaction business. We are building the rails for how people buy, sell, finance, and own their cars. To achieve this at scale while moving towards a public listing requires experienced guidance in the room." This strategic appointment is expected to bolster Cars24's efforts in creating a new category in the automotive market.
Background of Jayesh Sanghrajka
- Over a decade of experience in public markets.
- Current CFO of Infosys, managing finance and investor relations.
- Previously served on Cars24's audit committee.
This addition to the board underscores Cars24's commitment to enhancing its governance and operational strategy as it prepares for future growth.
