Cars24 co-founder Mehul Agrawal has quit his operating role just months before a potential IPO, marking the second founder exit in a week. Learn how this leadership shake-up, recent profitability milestone and broader management churn could impact the $3 billion used-car platform backed by SoftBank and other global investors.

Cars24’s Mehul Agrawal Quits Ahead of IPO; Second Founder Exit in a Week

Cars24 co-founder Mehul Agrawal has stepped down from his operating role, becoming the second founder to exit an executive position within a week as the company prepares for a potential initial public offering (IPO).

The development comes a day after co-founder Gajendra Jangid announced he would step away from day-to-day responsibilities while continuing to be involved in strategic initiatives, signalling a broader leadership transition at the company.

Agrawal, in a LinkedIn post on April 30, said he was stepping back after more than 11 years of building the business but would continue as a member of the board. "My DNA has Cars24 written all over it. I will continue being the biggest cheerleader. I will continue as a member of the Board, watching every step in a different capacity," he said.

Agrawal said his decision coincides with what he described as an "inflection point" for the company, noting that Cars24 has recently reported its first globally profitable quarter. He added that the company now has a strong leadership bench capable of driving the next phase of growth.

Leadership Transition Ahead of IPO

The back-to-back founder exits come at a crucial time as Cars24 works towards improving profitability and streamlining operations ahead of its anticipated listing over the next 6–12 months.

While such transitions are not uncommon as startups evolve into more structured organisations ahead of going public, the timing of two co-founders stepping down from executive roles in quick succession is likely to draw investor attention.