Used-car platform Cars24 is going through big leadership changes as it focuses on improving its business. Co-founder and COO Mehul Agrawal has stepped down from his daily role after more than 11 years and will now be part of the board. Just a day earlier, co-founder and CMO Gajendra Jangid also moved into a mentorship role.
There have been more exits in the leadership team. Himanshu Ratnoo, who handled the India business, resigned earlier this year. After that, CEO Vikram Chopra took direct control of the India operations. The company’s Director of Engineering, Ankit Bhalla, has also left. At the same time, Cars24 has laid off around 200 to 250 employees, mainly from product and tech teams. The company says this is part of an “intentional reset” to fix past decisions and make the organisation more efficient.
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Financial performance shows mixed picture
Cars24 recently reported its first profitable quarter at a global level, which is a positive sign. In the first half of FY26, its adjusted net revenue increased 18% to ₹651 crore. Its adjusted losses also reduced by 36% to ₹162 crore.
The company is now focusing more on higher-margin retail deals. Because of this, its total GMV dropped 5% to ₹3,731 crore, but retail GMV grew 21% to ₹2,009 crore. Cars24 expects better numbers in the second half of FY26, with revenue likely to cross ₹750 crore. However, the India business is still under pressure. In FY25, its revenue dropped 10% to ₹6,233 crore, and losses increased to ₹543 crore. The company was last valued at $3.3 billion in 2021.
Expansion plans and IPO preparation
Cars24 is now focusing on key markets like India, UAE, and Australia, while exiting countries like Thailand, Indonesia, and Saudi Arabia. It is also closing its Bengaluru office and shifting operations to Gurugram to reduce costs.
The company is expanding its services beyond just buying and selling cars. It now offers lifetime warranty, loans, driver services, and car servicing. It has also acquired platforms like CarInfo and Team-BHP to strengthen its ecosystem. Looking ahead, Cars24 plans to launch its IPO in India within the next 6 to 12 months. For this, it will shift its holding structure from Singapore to India through a process called reverse flip.