Cars24 co-founder Gajendra Jangid steps back as CMO amid IPO plans

Cars24 co-founder Gajendra Jangid has stepped back from his role as chief marketing officer after eleven years, marking a significant shift in the company’s leadership as it prepares for a potential initial public offering.

The company said Jangid will take a break from day-to-day responsibilities while continuing to remain involved in brand initiatives, including its road safety programme Crashfree, and broader strategic direction. The development was reported by The Economic Times.

Founding executive transitions from operational role

Jangid has been a central figure in building Cars24’s brand and customer-facing strategy since its inception. His responsibilities have included brand development, expansion efforts and initiatives aimed at improving customer experience.

Prior to co-founding Cars24, he worked as an operations manager at Schlumberger.

The move reflects a shift from operational leadership to a more advisory and strategic involvement within the company.

Leadership churn extends across senior ranks

The transition comes amid a series of leadership changes at the company.

Himanshu Ratnoo, who led the India used-cars business, resigned in March. He had joined Cars24 in 2020 as vice president and was elevated to chief executive of the India unit in 2024, according to reporting by The Economic Times.

The India business remains a critical market for Cars24, contributing a significant share of its operations.

IPO plans shape organisational shifts

The leadership changes coincide with the company’s preparations for a public market debut.

Chief executive Vikram Chopra said the company is aiming for an IPO within the next six to twelve months.

“We have built momentum. Now we compound it. It is a huge market of $200 billion plus,” Chopra said in a post on X cited.

Financial performance shows improvement

The company’s latest financial update indicates growth as it moves towards listing.

Key financial highlights from H1 FY26:

• Adjusted net revenue of ₹651 crore
• Growth of 18 percent year on year

These improvements are being positioned as part of the company’s effort to strengthen its financial profile ahead of a potential IPO.

Market opportunity and competitive context

Cars24 operates in India’s large and growing used-car market, which the company estimates at more than $200 billion.

The sector has seen increasing digital adoption, with multiple platforms competing to capture demand for pre-owned vehicles.

The decision by a founding executive to step back from day-to-day operations signals a transition phase as Cars24 prepares for its next stage of growth.

With leadership changes underway and IPO plans in motion, the company’s focus is expected to remain on scaling operations while maintaining financial momentum, as it moves closer to entering public markets.