Another Exit At Ipo-bound Cars24 As Cofounder Mehul Agarwal Steps Down

Amid a flurry of top level exits at Cars24, its cofounder and COO Mehul Agarwal has also stepped down from his executive role at the auto listing startup.

In a LinkedIn post, Agarwal said he has decided to step back from his “operating role” after spending 11 years at the startup, without specifying what his next steps will be. He noted that he will continue to stay on the startup’s board, “watching every step in a different capacity”.

Agarwal founded Cars24 in 2015, along with Vikram Chopra, Gajendra Jangid, and Ruchit Agarwal, as a used cars marketplace, and held the role of COO since then. Prior to that, he cofounded furniture and home interiors brand FabFurnish, in partnership with Chopra. Both of them stepped down from their roles in the firm in 2015 to launch Cars24.

The announcement came a day after Cars24 cofounder and CMO Gajendra Jangid quit from his executive role to take up an advisory position with the startup. Earlier in March, Car24’s India used car business CEO Himanshu Ratnoo also announced his departure from the startup.

In his LinkedIn post, Agarwal noted, “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 globally profitable quarter! That feels like an inflection point – for Cars24 and for me.”

He added that Cars24 was now a $3 Bn business working across three geographies, with “tens of lines of business, and a genuine shot at building something worth $100 Bn”. The cofounder added that the startup now requires a team with “relentless hunger” and an AI-native mindset.

The senior-level exits at Cars24 are aligned with its plans to list publicly, with CEO Chopra announcing at the beginning of 2026 that the IPO is likely to take place in the next six to twelve months without providing more information.

Cars24 has been on an aggressive acquisition spree this year in the run up to the IPO, acquiring vehicle information and management platform CarInfo and automotive utility startup Vehicle Info in a bid to build a full-stack vehicle ownership platform.

On the financial front, the startup’s adjusted net revenue in H1 FY26 rose 18% YoY to ₹651 Cr. The improvement in the top line helped it trim its adjusted EBITDA loss by 36% YoY to ₹162 Cr, Chopra claimed in a social media post in January.

Other startup cofounders have followed the same path in recent months, with boAt cofounder and CMO Aman Gupta stepping away from an operator role in anticipation of its IPO and to launch a new venture OffBeat. Similarly, Eternal cofounder and Group CEO Deepinder Goyal stepped down from his role in the food delivery giant to pursue personal passion projects earlier this year.

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