Cars24 Eyes IPO Amid Leadership Exits, Restructuring

Cars24 is going through a major transition as it gets ready for a possible stock market listing. The Gurugram-based used-car platform is focusing on becoming more profitable while also dealing with key leadership exits.

Leadership changes at the top

One of the biggest updates is that co-founder Gajendra Jangid has stepped away from daily responsibilities after over 10 years. He will still be connected to the company through its road safety initiative.

Along with him, Himanshu Ratnoo, who handled the India used-car business, and Ankit Bhalla have also left the company. Instead of hiring a replacement, CEO Vikram Chopra has decided to directly manage the India business. This shows the company wants stronger control as it prepares for its next phase.

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IPO plans and internal changes

Cars24 is planning to launch its IPO in the next 6 to 12 months. As part of this, the company is reportedly thinking about shifting its base from Singapore back to India, a move often called a reverse flip. This can make it easier to meet Indian regulations and attract local investors.

To improve efficiency, the company has also made some tough decisions. It laid off employees in 2025 and shut down some non-performing ventures like Inspare. It also reduced its team in projects like FourDoor. These steps are aimed at cutting costs and focusing on core business areas.

Focus on profits and growth

Financially, Cars24 is changing its strategy. In FY25, the company saw lower revenue and higher losses. But in FY26, things have started to improve. It is now focusing more on retail sales, which give better margins compared to wholesale deals.

Its UAE business has already become profitable, which is a positive sign. The company is also expanding its services by acquiring platforms like CarInfo and Team-BHP and growing its financing arm. With all these steps, Cars24 is trying to build a complete car ownership platform while showing investors a clear path to profitability before its IPO.