Another founder steps back at Cars24; Mehul Agrawal leaves COO role

Cars24 co-founder Mehul Agrawal has stepped down from his role as chief operating officer after more than a decade with the company, marking the latest shift in its senior leadership as it prepares for a potential initial public offering.

Agrawal shared the update on LinkedIn, stating that he will continue to serve on the company’s board. He did not disclose his next move.

Founders move away from day to day operations

Agrawal’s transition comes days after co-founder Gajendra Jangid stepped back from his role as chief marketing officer.

The company clarified at the time that Jangid remains involved in brand and product initiatives, including its road safety programme Crashfree, even as he withdraws from operational responsibilities.

Taken together, the moves signal a gradual shift of founding executives away from day to day roles towards broader strategic involvement.

Leadership churn extends across functions

The changes are not limited to the founding team. Recent months have seen exits across key operational roles, pointing to a wider organisational reset.

Recent leadership movements include:

Himanshu Ratnoo stepping down as chief executive of the India used-car business
Ankit Bhalla exiting his role as director of engineering

These developments indicate shifts across both business and technology functions, as the company reworks its leadership structure.

IPO plans shape timing of transitions

The leadership reshuffle comes as Cars24 prepares for a potential public listing within the next six to twelve months, according to company statements.

Group chief executive Vikram Chopra has indicated that the company is building momentum towards an IPO, positioning the business for public market scrutiny.

In this context, leadership stability and clarity of roles become critical for investors evaluating governance and execution capability.

Financial performance shows mixed signals

The company’s recent financial disclosures reflect a mixed picture as it approaches this transition phase.

Key financial indicators:

Net revenue rose 18 percent to ₹651 crore in the first half of FY26
Adjusted EBITDA burn reduced by 36 per cent
India business gross revenue declined to ₹6,233 crore in FY25
Losses for the India unit increased by 9 per cent to ₹543 crore

The figures were shared by the company, including comments from CEO Vikram Chopra.

A transition phase under scrutiny

The clustering of founder transitions and senior exits suggests Cars24 is entering a restructuring phase ahead of its public market debut.

While founders continue to remain associated with the company at a strategic level, the shift away from operational roles marks a change in how leadership is structured.

As the IPO window approaches, the company’s ability to balance leadership continuity, execution discipline, and financial performance will remain closely watched by investors and the market.

Leadership