People · Commerce & Consumer Brands

CARS24 co-founder Mehul Agrawal steps back from operating role

What they do

CARS24 buys and sells used cars, offers car loans, new cars, and challan services

Co-founder and COO Mehul Agrawal is stepping back from his operating role after about 10 years

He will continue as a board member; the company reported its first globally profitable quarter

Mehul Agrawal, co-founder and COO of CARS24, is stepping back from his operating role after about 10 years (4000 days).
He will continue as a board member of the company.
Gajendra Jangid will continue to be involved in brand and product initiatives.
CARS24's valuation is over $3 billion.
Group net revenue for H1 FY26 was Rs 651 crore, up 18%.
Adjusted EBITDA burn in H1 FY26 was down 36%.
India business gross revenue for FY25 was Rs 6,233 crore, a decline.
India business losses for FY25 were Rs 543 crore, up 9%.

CARS24 is a platform to buy and sell used cars.
It also offers car loans, new cars, and challan (traffic fine payment) services.
India business gross revenue for FY25 was Rs 6,233 crore, a decline.
India business losses for FY25 were Rs 543 crore, up 9%.
The company's valuation is over $3 billion.

Product: An online platform for used-car buying, selling, and related lending services.
Customers: Consumers and dealers transacting in used cars.
How it makes money: It earns from vehicle sales, marketplace transactions, and financing-related services.
What sets it apart: Uses AI to improve operating efficiency and support growth.
Operations: Operates across multiple countries and runs auction and retail businesses in India.