IndyaStory | Business Desk
Cars24 co-founder Mehul Agrawal has stepped down from his operational role, marking a significant leadership shift as the company moves closer to a potential initial public offering. The development comes shortly after fellow co-founder Gajendra Jangid also exited an executive position, indicating a broader transition at the founder level.
Agrawal announced his decision on April 30, stating that after more than a decade of building the company, he would now remain associated in a different capacity. He will continue as a member of the board, signalling a shift from day-to-day operations to a strategic oversight role.
Founded in 2015, Cars24 has grown into one of India’s leading digital platforms for buying and selling used cars. The company has also expanded internationally, establishing a presence in markets such as the UAE and Australia. According to Agrawal, the timing of his move aligns with a key phase in the company’s growth, particularly as it recently reported its first globally profitable quarter.
The leadership transition reflects a broader structural evolution within the company. As startups prepare for public listings, it is common to strengthen governance frameworks and bring in professional management teams to handle operations at scale. Cars24 has already seen additional leadership changes this year, including the departure of its India division CEO.
Financially, the company has shown improving performance. Recent disclosures indicated growth in revenue along with a reduction in losses, suggesting a path toward operational efficiency. With backing from major global investors, Cars24 is positioning itself for a public market debut within the near term.
The exit of key founders from operational roles does not necessarily signal a slowdown. Instead, it often marks a transition from founder-led execution to institution-driven management, a step typically associated with companies entering their next phase of growth.
