Cars24 co-founder steps back as CMO ahead of IPO

Cars24, an India-based used-car marketplace backed by SoftBank, said co-founder Gajendra Jangid is stepping back from his CMO role after 11 years.

The move follows other senior changes at the company, including the resignation of Himanshu Ratnoo, who had led Cars24’s India after being promoted to CEO of that unit in 2024.

Cars24 hopes to launch an IPO within six to 12 months.

The company reported adjusted net revenue of 6.5 billion rupees (US$69 million) for April to September, up 18% year on year.

🔗 Source: The Economic Times

🧠 Food for thought

Implications, context, and why it matters.

An IPO runway cleared by consolidating leadership and shedding businesses

The exit of the India used-cars CEO carries weight because that unit brings in more than half of Cars24’s business 1.
After that change, Cars24 co-founder and CEO Vikram Chopra took direct charge of the India used-cars leadership team for the near term, tightening decision-making before a possible initial public offering (IPO) 2.
The shift fits a wider effort before a listing. Cars24 shut Inspare, its business-to-business (B2B) spare parts unit, left its driver-on-demand service AutoPilot, and cut more than 300 jobs 3.

A public listing may test the gap between marketing promises and operational reality

The reshuffle also exposes a strain. The former India used-cars head had become the public face of a “lifetime warranty” push meant to build trust 4.
That message sits against steady complaints on social media about service problems, including delays in vehicle registration certificate (RC) transfers 4.
Startups nearing public markets often face this pressure. Growth pitches draw attention, while unresolved service issues get harder to ignore.
For the tech sector, Cars24’s path offers a test of whether public-market investors will favor improving financial performance or weigh these operating risks more heavily 5.