CARS24 co-founder and COO Mehul Agrawal has stepped down from his operating role after more than a decade, marking a significant leadership change at the company.
Agrawal confirmed the development in a LinkedIn post, stating that he will continue as a board member, though he did not disclose his next move.
The exit comes amid a broader wave of senior level changes at the company. Earlier, co-founder Gajendra Jangid stepped back from day-to-day operations, although the company clarified that he remains involved in brand and product initiatives, including Crashfree.
In recent months, the company has also seen key executive departures, including Himanshu Ratnoo, who stepped down as CEO of the India used car business, and Ankit Bhalla, who exited his role as director of engineering.
These leadership transitions come at a crucial time as CARS24 prepares for a potential IPO within the next 6–12 months, while navigating internal restructuring and evolving business performance.
On the financial front, according to group CEO Vikram Chopra, the company reported 18% growth in net revenue to ₹651 crore in H1 FY26, along with a 36% reduction in adjusted EBITDA burn.
However, its India business saw gross revenue decline to ₹6,233 crore in FY25, while losses widened 9% to ₹543 crore, reflecting mixed performance across segments.
The ongoing leadership churn, combined with financial trends, will be closely watched by investors as the company moves closer to its public market debut.
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