Mumbai: Cars24 Co-founder and Chief Operating Officer Mehul Agrawal has announced that he is stepping back from his operating role at the company, marking the end of an 11-year leadership journey that helped shape one of India’s most prominent digital auto marketplaces.
In a detailed LinkedIn post, Agrawal described the decision as “emotional but timely,” emphasising that the company is currently at its strongest point, having recently reported its first globally profitable quarter. He will continue to remain associated with Cars24 as a member of the board, supporting the company in a different capacity.
Reflecting on the company’s early days, Agrawal recounted Cars24’s modest beginnings. “When we started, even a $1 billion ambition felt like a wild dream. We were working out of a petrol pump with just four people and conviction,” he wrote. Over the past decade, the company has grown into a $3+ billion business spanning three geographies and multiple lines of business, with aspirations of becoming a $100 billion enterprise.
Agrawal highlighted the journey as a series of “multiple 0 to 1 builds,” marked by both failures and unexpected wins. He noted that scaling Cars24 into a global platform has been one of the most defining experiences of his career, driving both professional and personal growth.
The leadership change comes at a time when Cars24 is undergoing a broader organisational transition. As the company moves closer to a potential IPO—widely expected within the next 6–12 months—it has seen multiple senior-level shifts beyond Agrawal’s move. Co-founder Gajendra Jangid has stepped back from day-to-day operations into a more strategic role, while earlier this year, India business CEO Himanshu Ratnoo exited after leading a key vertical. These developments are widely viewed as part of pre-IPO restructuring efforts, as Cars24 looks to streamline leadership and strengthen its institutional framework ahead of a potential public market debut.
Agrawal also acknowledged the personal sacrifices behind the journey, crediting his wife for her unwavering support and recognising the role of customers and team members—referred to as “autonauts”—in building the company. “Founder is not a designation but a mindset,” he said, adding that he now sees that mindset reflected across teams and geographies within the organisation.
Looking ahead, Agrawal expressed strong confidence in the company’s future, particularly under the leadership of CEO Vikram Chopra. He described the next phase of growth as one that will require “relentless hunger, an AI-native mindset and one team fighting every global battle together.”
He also extended gratitude to co-founders Ruchit Agarwal and Abhinav Kumar, along with investors, shareholders and employees, calling his time at Cars24 “the most meaningful chapter” of his life.
While stepping away from day-to-day operations, Agrawal made it clear that his association with the company remains deeply personal. “My DNA has Cars24 written all over it. I will continue being the biggest cheerleader,” he said.
The transition comes at a pivotal moment for Cars24, as it shifts focus from rapid scale to sustained profitability and global expansion, positioning itself for its next phase of growth.
