Cars24 Co-Founder Gajendra Jangid to Step Down from Executive Role Before IPO Filing

Cars24 Co-founder Gajendra Jangid Steps Down from Executive Role Ahead of IPO

Cars24 co-founder Gajendra Jangid is relinquishing his executive role at the SoftBank-backed used-car marketplace, a move that comes as the company prepares for its initial public offering. This decision marks the latest senior-level leadership change at Cars24, following the departure of its India used-cars chief executive, Himanshu Ratnoo, earlier this year.

The move follows an ongoing reshuffle in Cars24's leadership team as the company readies itself for public markets. Jangid announced his decision to step down on April 29 in a LinkedIn post, stating that he would continue contributing to the business in a strategic capacity after 11 years at the company. He will remain involved in the functions he built and advise the company.

Cars24 co-founder Vikram Chopra described the move as "not a goodbye" but "a change in role," emphasizing that Jangid's contributions to the company's growth and development will not come to an end. This transition is part of a broader effort to formalize governance and operational structures ahead of listing.

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Cars24 was founded in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal, and Gajendra Jangid. The company operates an online platform for buying and selling used cars, with a presence in adjacent segments, including vehicle financing and servicing. Jangid played a central role in building the company's brand and marketing engine over the past decade.

Jangid's background and experience have been instrumental in shaping Cars24's brand identity and driving key strategic partnerships, including celebrity endorsements and automotive community tie-ups. Prior to co-founding Cars24, Jangid spent over nine years at oilfield services giant Schlumberger in engineering and operations roles across India and the US. He holds a degree in metallurgical engineering and material sciences from the Indian Institute of Technology Bombay.

Cars24 has focused on improving profitability and tightening operations in recent quarters as it prepares for the next phase of growth and eventual listing. Founder role transitions are not uncommon ahead of listings, but such moves are often watched closely by investors for signals around succession planning and management stability.

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