i2notes

Mehul Agrawal, co-founder of Cars24, has stepped down from his operational role after more than a decade of building one of India’s leading online used car marketplaces. The move marks a significant leadership transition as the company enters a new phase of growth, global expansion, and potential IPO readiness.

Agrawal’s decision reflects a broader trend in the startup ecosystem, where founders gradually transition from execution-focused roles to strategic positions as companies mature. While stepping away from day-to-day operations, he will continue to remain closely associated with Cars24 as a board member, contributing to long-term strategy and governance.

Cars24 Growth Story and Mehul Agrawal’s Journey

Founded in 2015 by Vikram Chopra, Mehul Agrawal, and Ruchit Agarwal, Cars24 started as a platform aimed at simplifying the used car buying and selling process in India. What began as a small operation has grown into a global digital marketplace operating across India, the UAE, and Australia.

Mehul Agrawal played a critical role in scaling the company’s operations, building supply chain infrastructure, and driving execution during high-growth phases. His leadership helped Cars24:

Achieve unicorn status
Expand into international markets
Build a strong dealer and customer ecosystem
Reach its first globally profitable quarter
These milestones position Cars24 as a major player in the online used car marketplace industry and a strong contender for future public listing.

LinkedIn Announcement by Mehul Agrawal

Agrawal shared the news through a detailed and reflective post on LinkedIn, highlighting his journey and emotional connection with the company.

Mehul Agrawal
Mehul Agrawal
Building Cars24 and CrashFree India

4000 relentless days of blood, sweat and heart! And today I’m stepping back from my operating role at Cars24!

When we started Cars24, we didn’t have a crazy ambition. Even $1 billion was a wild dream. We were working out of a petrol pump! Four people with conviction and nothing else.

Eleven years later here we are. A $3+ billion business across three geographies, tens of lines of business, and a genuine shot at building something worth $100 billion. None of us saw that coming. And we are still just getting started!

What happened in between was multiple 0 to 1 journeys. More failures than I can count. More wins than I ever expected. And growth, professionally and personally, that I never imagined. Taking Cars24 global has been one of the most exciting missions of my life, teaching me things I couldn’t have learned any other way.

Such a journey also means sacrifices. Not always being where you want to be, but where you need to be. Those sacrifices were never mine alone. Sweety, my wife, gave up so much quietly and without complaint so I could show up fully for this. And every delighted customer and happy face made each of those sacrifices fully worth it.

We always said founder is not a designation but a mindset. Looking at the builders across this organisation today, across levels, geographies, countries, I see tons of founders already. And many more who are getting attracted to us every day, inspired by our vision of Better Drives, Better Lives.

Cars24 is my first baby, before Rio. I have given my blood, sweat and heart to this over eleven years. Proudly, completely, without reservation. That’s what makes this decision filled with emotions, but still the right one.

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.

We are on a genuine path of becoming a $100 billion business. That journey needs relentless hunger, an AI-native mindset and one team fighting every global battle together. Vikram is the captain driving us there, faster and with more conviction than ever. I’ll bet my life on him getting us there!

I can’t thank Vikram enough. Not just for being the greatest partner, but for being my coach, my friend and my mirror. Fifteen years of building with him has shaped who I am.

To Ruchit Gajendra Abhinav and every current and ex-autonaut who has been part of this journey: you are what made it real. It has been the most meaningful chapter of my life.

To our investors, shareholders and board – Thank you for the trust, the capital and the belief you placed in us. The best is still ahead!

My DNA has Cars24 written all over it. I will continue being the biggest cheerleader. I will continue as a member of the Board, watching every step in a different capacity. The role will evolve, but the love is forever!

Onwards and upwards

Leadership Transition and Business Strategy

The timing of this leadership change is significant. Cars24 has been strengthening its global presence and improving profitability, making it a potential candidate for an Initial Public Offering (IPO). Leadership restructuring at this stage often indicates a shift toward:

Professionalized management structures
Stronger corporate governance
Enhanced investor alignment
Agrawal’s transition ensures that the company retains his strategic insight while enabling new leadership to focus on execution at scale.

Other Ventures and Future Outlook

Apart from Cars24, Mehul Agrawal has shown interest in initiatives such as CrashFree India, reflecting a broader commitment to road safety and impact-driven innovation. His future involvement in the startup ecosystem may include investing, mentoring, or launching new ventures in mobility and technology.

Mehul Agrawal steps down from operational role at Cars24
Continues as board member, ensuring strategic continuity
Played a key role in scaling Cars24 into a global used car marketplace
Company achieved unicorn status and global profitability milestone
Announcement made via LinkedIn post
Leadership change aligns with IPO readiness and business maturity
Reflects broader startup trend of founders moving into strategic roles
This transition represents a crucial milestone in the evolution of Cars24, signaling its readiness for the next phase of growth while preserving the legacy and vision established by its founding team.