IPO-Bound Cars24 Sees Second Top-Level Exit In Two Days As Co-Founder Mehul Agrawal Quits

Cars24 co-founder Mehul Agrawal has resigned from his top-level executive role at the used-car marketplace, becoming the second founder within a week to exit from his position ahead of the company's initial public offering preparations. The Softbank-backed firm has seen two top-level executive resignations within two days after co-founder Gajendra Jangid quit on April 29.

Agrawal announced his exit in a LinkedIn post on April 30, saying he was stepping away after more than 11 years of building the company. "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. The role will evolve, but the love is forever!," Agrawal wrote.

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He added that the timing of his exit coincides with what he described as an "inflection point" for the business, adding that Cars24 had recently recorded its first global profitable quarter. "There is never a perfect timing for these decisions. But I know this is the strongest we have ever been. We just closed our first global profitable quarter," he wrote on the LinkedIn post.

Reflecting on his journey when he started at Cars24, Agrawal said, ''Even $1 billion was a wild dream. We were working out of a petrol pump! Four people with conviction and nothing else. Eleven years later here we are. A $3+ billion business across three geographies, tens of lines of business, and a genuine shot at building something worth $100 billion. None of us saw that coming. And we are still just getting started!.''

''What happened in between was multiple 0 to 1 journeys. More failures than I can count. More wins than I ever expected. And growth, professionally and personally, that I never imagined. Taking Cars24 global has been one of the most exciting missions of my life, teaching me things I couldn't have learned any other way,'' he added.

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Cars24 had built a strong enough leadership bench for founders to step away from day-to-day operations. "Looking at the builders across this organisation, across levels, geographies, countries, I see tons of founders already," Agrawal said. The twin exits mark a significant executive-level reshuffle at the company ahead of its IPO ans listing plans.

Earlier this year, India used-cars chief executive Himanshu Ratnoo also resigned from the firm. Founded in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal and Gajendra Jangid, Cars24 has grown into one of India's largest online used-car platforms and expanded into international markets, including the UAE and Australia.