People · Commerce & Consumer Brands

Cars24 onboards ex-Infosys CFO as independent director

What they do

Cars24 operates a used car marketplace offering buy-sell services, loans, and new car options

The company appointed Jayesh Sanghrajka as an independent director while three cofounders exited the business

Adjusted EBITDA loss narrowed by 36% in H1 FY26 as the firm targets an IPO soon

Cars24 has onboarded Jayesh Sanghrajka as an independent director to its board.
Sanghrajka is the former CFO of Infosys with extensive corporate finance experience.
Three cofounders including COO Mehul Agarwal have exited the company recently.
CEO Vikram Chopra stated that the company aims for an IPO timeline by January 2026.
Current CFO Ruchit Agarwal continues to manage financial operations alongside the new director.

Cars24 runs a used car marketplace facilitating vehicle transactions across India.
The platform offers car loan services to support customer financing needs.
It also provides challan services helping users manage traffic violations digitally.
The business model includes buying and selling both used and new cars.
Revenue grew 18% year-on-year to ₹651 Cr in the first half of FY26.
The company is investing in AI to streamline inspection and audit processes.
AI tools help reduce timing for inspections and improve retail hub audits.
The firm handles over 15 lakh minutes of calls monthly in seven languages.
Operations span multiple cities with a focus on digital-first customer engagement.

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.