Used-vehicle marketplace Cars24’s co-founder Mehul Agrawal on Thursday announced his decision to step down from an operating role, in the latest high-profile exit at the IPO-bound company.
Announcing his decision on the professional networking platform LinkedIn, Agrawal said he would step back from his operating role but would continue as a member of Cars24’s board. “There is never a perfect time for these decisions. But I know this is the strongest we have ever been,” he wrote.
Just two days ago, co-founder Gajendra Jangid, who had served as the company’s chief marketing officer since its inception, announced that he would also be stepping away from his executive role.
In March, the company’s chief executive for India, Himanshu Ratnoo, resigned from his role, which he had taken on in 2024. The role was brought under the ambit of group CEO and co-founder Vikram Chopra.
In a post on X in January, Chopra announced the company’s H1FY26 results and said it was considering going public in the next 6-12 months. Cars24’s adjusted net revenue had jumped 18% year-on-year to ₹651 crore, while adjusted Ebitda burn fell by 36% to ₹162 crore.
IPO plans
These exits come at a time when the SoftBank-backed company is actively preparing for a —a sign of significant reshuffling ahead of the listing.
Cars24 was founded in 2015 by Agrawal, Jangid, Vikram Chopra and Ruchit Agarwal as a digital marketplace for buying and selling pre-owned vehicles. Agrawal, an IIM Calcutta alumnus who had previously worked at BCG and co-founded the online furniture FabFurnish, served as the company’s chief operating officer.
The startup entered the club with a $200 million Series E raise in 2020, and has raised over $1.3 billion in total funding from investors including SoftBank, DST Global and Alpha Wave Global. It last reported a valuation of $3.3 billion in 2021.
Ahead of its anticipated IPO, the company has been on an acquisition spree. It picked up automobile community platform Team-BHP in 2025, and has since acquired vehicle information platforms CarInfo and Vehicle Info, moves aimed at deepening its relationship with customers beyond the point of sale.
The company currently operates across India, the UAE and Australia, competing with the likes of Spinny, CarDekho and CarTrade. It claims that 11 million users visit the Cars24 platform every month.