- ByStartupStory | May 1, 2026
Cars24 co-founder and COO Mehul Agrawal has stepped down from his operating role after more than a decade. The relocate comes amid a series of senior-level exits at the Gurugram-based firm.
Agrawal stated in a LinkedIn post that he will remain on the board, but did not share details about his next role.
Recently, Entrackr reported that co-founder Gajfinishra Jangid has stepped back from day-to-day operations, according to an internal note. However, a company spokesperson stated he remains with the firm and will continue to be involved in brand and product initiatives such as Crashfree.
In recent months, Himanshu Ratnoo stepped down as CEO of its India utilized car business, while Ankit Bhalla exited his role as director of engineering, indicating churn across key functions.
The leadership transitions come as Cars24 prepares for a potential public market debut. While the company has indicated plans to list within the next 6–12 months, it is navigating internal alters alongside mixed financial performance, a combination that will be closely tracked by investors.
While group CEO Vikram Chopra stated net revenue grew 18% to Rs 651 crore in H1 FY26 and adjusted EBITDA burn declined 36%, Cars24 India reported a drop in gross revenue to Rs 6,233 crore in FY25, with losses widening 9% to Rs 543 crore.
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