Cars24 Co-Founder Mehul Agrawal Steps Down Amid Leadership Changes
Cars24 co-founder Mehul Agrawal steps back amid senior-level exits
Mint
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Mehul Agrawal, co-founder of Cars24, has announced his decision to step back from his operational role while remaining on the board. This follows the recent exit of co-founder Gajendra Jangid and the resignation of India's CEO Himanshu Ratnoo, as the company prepares for an IPO amidst significant leadership reshuffling.
- 01Mehul Agrawal steps down from operational role but stays on the board.
- 02Co-founder Gajendra Jangid also announced his exit from an executive role.
- 03CEO Himanshu Ratnoo resigned earlier this year, consolidating leadership under Vikram Chopra.
- 04Cars24 is preparing for an IPO and has reported an 18% year-on-year revenue increase.
- 05The company has raised over $1.3 billion in funding and is valued at $3.3 billion.
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Mehul Agrawal, co-founder of Cars24, a leading used-vehicle marketplace, announced on LinkedIn that he will step back from his operational role while continuing as a board member. This decision follows the recent departure of co-founder Gajendra Jangid, who served as the chief marketing officer, and the resignation of Himanshu Ratnoo, the CEO for India, earlier this year. These changes come as Cars24 prepares for an initial public offering (IPO), signaling a significant restructuring within the company. In its latest financial report, Cars24 revealed an 18% increase in adjusted net revenue to ₹651 crore (approximately $78 million USD), while its adjusted EBITDA burn decreased by 36% to ₹162 crore (approximately $19 million USD). Founded in 2015, Cars24 has raised over $1.3 billion from investors, including SoftBank and DST Global, and currently holds a valuation of $3.3 billion. The company has also been actively expanding its operations, acquiring platforms like Team-BHP and CarInfo to enhance customer engagement ahead of its IPO.
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The leadership changes at Cars24 could affect its operational strategies and market position as it approaches its IPO, potentially impacting employees and stakeholders.
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