Cars24 Leadership Changes: Mehul Agrawal Steps Down

Cars24 has recently experienced a significant leadership shift as Mehul Agrawal, the company’s co-founder and COO, has resigned from his role after over ten years of service. This decision aligns with a series of senior-level departures at the Gurugram-based enterprise.

In a LinkedIn update, Agrawal confirmed that he will continue to serve on the board but did not disclose any information regarding his forthcoming position. Concurrently, Startup Superb noted that co-founder Gajendra Jangid has also distanced himself from daily operations, according to an internal communication. Nevertheless, a representative from the firm clarified that he will remain with Cars24 and actively participate in brand and product ventures, including Crashfree.

Additional Leadership Departures

In recent times, Himanshu Ratnoo has vacated his position as CEO of Cars24’s used car operations in India, while Ankit Bhalla has stepped down as director of engineering. These changes indicate a substantial turnover in important roles.

Preparing for Public Market Debut

The leadership transitions coincide with Cars24’s preparations for a potential public market launch. While the organisation has expressed intentions to go public within the next 6 to 12 months, it must navigate these internal shifts amidst varying financial results. Investors are closely monitoring this interplay.

According to group CEO Vikram Chopra, Cars24 reported an 18% increase in net revenue to Rs 651 crore in the first half of FY26, with a 36% reduction in adjusted EBITDA burn. However, Cars24 India has faced challenges, seeing a decrease in gross revenue to Rs 6,233 crore for FY25, and losses grew by 9% to Rs 543 crore.