Cars24 Co-founder Mehul Agarwal Steps Down Ahead of IPO

Mehul Agarwal, cofounder and Chief Operating Officer of the online used car marketplace Cars24, has stepped down from his executive position after 11 years with the company. Agarwal announced his departure from his operational role in a LinkedIn post, stating that he will continue to serve on the startup’s board in a different capacity.

Agarwal cofounded Cars24 in 2015 alongside Vikram Chopra, Gajendra Jangid, and Ruchit Agarwal. The company has recently experienced several high-level exits. Gajendra Jangid, cofounder and CMO, transitioned to an advisory role just a day prior to Agarwal’s announcement. In March, Himanshu Ratnoo, CEO of Cars24’s India used car business, also departed.

Agarwal described his decision as timely, noting that Cars24 has achieved its first globally profitable quarter, which he views as an inflection point for both the company and himself. He highlighted Cars24’s current valuation of $3 billion and its expansion across three geographies, expressing confidence in its potential to become a $100 billion business. Agarwal emphasized the need for a team with “relentless hunger” and an “AI-native mindset” to lead the company forward.

These senior-level departures coincide with Cars24’s preparations for a public listing. CEO Vikram Chopra indicated in early 2026 that an Initial Public Offering (IPO) is anticipated within the next six to twelve months. In the lead-up to its IPO, Cars24 has been actively acquiring companies, including the vehicle information and management platform CarInfo and the automotive utility startup Vehicle Info, aiming to create a comprehensive vehicle ownership platform.

Financially, Cars24 reported an 18% year-over-year increase in adjusted net revenue for the first half of FY26, reaching ₹651 crore. The company also reduced its adjusted EBITDA loss by 36% year-over-year to ₹162 crore during the same period.