Cars24 sees second founder exit in a week as Mehul Agrawal steps down from operating role
Move follows exit of Gajendra Jangid amid IPO preparations
Leadership reshuffle signals shift towards institutional structure ahead of potential listing
Cars24 co-founder Mehul Agrawal has stepped down from his operating role, becoming the second founder to exit an executive position within a week as the company prepares for a potential initial public offering (IPO).
The development comes a day after co-founder Gajendra Jangid announced he would step away from day-to-day responsibilities while continuing to be involved in strategic initiatives, signalling a broader leadership transition at the company.
1 April 2026
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Agrawal, in a LinkedIn post on April 30, said he was stepping back after more than 11 years of building the business but would continue as a member of the board. "My DNA has Cars24 written all over it. I will continue being the biggest cheerleader. I will continue as a member of the Board, watching every step in a different capacity," he said.
Founded in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal and Gajendra Jangid, Cars24 has grown into one of India's largest online used-car platforms, with operations spanning international markets such as the UAE and Australia.
Agrawal said his decision coincides with what he described as an "inflection point" for the company, noting that Cars24 has recently reported its first globally profitable quarter. He added that the company now has a strong leadership bench capable of driving the next phase of growth.
Leadership Transition Ahead of IPO
The back-to-back founder exits come at a crucial time as Cars24 works towards improving profitability and streamlining operations ahead of its anticipated listing over the next 6–12 months.
The company has also seen broader leadership churn in recent months, with India used-cars CEO Himanshu Ratnoo exiting earlier this year.
While such transitions are not uncommon as startups evolve into more structured organisations ahead of going public, the timing of two co-founders stepping down from executive roles in quick succession is likely to draw investor attention.
Cars24, last valued at over $3 billion, counts investors such as SoftBank, Alpha Wave Global and DST Global among its backers.
