Cars24 Leadership Changes and IPO Plans: Key Insights
Cars24 is currently undergoing notable transformations in its leadership, with several senior departures recently, indicating instability at the executive level. The latest exit includes co-founder Gajendra Jangid, who has decided to resign following the departure of the used car CEO and the director of engineering.
In a message circulated internally on Slack to employees, Jangid shared his decision, explaining that he had given it considerable thought. He remarked that there isn’t an ideal moment to step back, but eventually, one realises that the company can thrive without one’s constant involvement. For him, that realisation has arrived.
Group CEO and co-founder Vikram Chopra also recognised Jangid’s impact, stating that Jangid played a crucial role in building the brand, introducing Crashfree, and executing memorable marketing campaigns. Chopra added that Jangid’s efforts enabled access to talent, benefitting TeamBHP and CarInfo.
On Saturday, Startup Superb attempted to contact Gajendra Jangid for clarification, but he did not confirm the changes. Requests for further information on Tuesday also went unanswered.
This recent resignation follows a trend of senior exits within the organisation. Notably, last month, Himanshu Ratnoo resigned as CEO of Cars24’s Indian used car division shortly after launching a branding initiative. Additionally, Ankit Bhalla, the former engineering director, has also left, indicating significant shifts in crucial roles.
While Vikram Chopra stated that Cars24’s net revenue had increased by 18% to Rs 651 crore in the first half of FY26, adjusted EBITDA burn had diminished by 36%. Conversely, Cars24 India’s gross revenue fell to Rs 6,233 crore in FY25, with losses rising by 9% to Rs 543 crore.
Earlier in January, Chopra expressed the company’s intention to pursue a public market debut within six to twelve months. Despite indications of potential delays and a shift in IPO strategy, the firm insists that its plans for listing and domicile remain on course.
As Cars24 navigates these leadership changes amid preparations for an IPO, the disparity between internal developments and public commitments is likely to attract close scrutiny from prospective investors and stakeholders in the coming months.
