News Update

Following layoffs, IPO-bound Cars24 sees high-level exits

• ByStartupStory     |    July 19, 2022

Cars24, a used-car marketplace, is expected to lose many key executives this month. According to insiders, Cars24’s VP and business head, Kingshuk Sanyal, will leave the company this month. Furthermore, Mrinal Sinha, the startup’s chief human resources officer, is expected to leave the company as it prepares for an IPO, according to the sources.

Jitendra Agrawal, CTO of Cars24 Global, has already submitted his paperwork. He announced his intention to leave the business on Monday (July 18). Agrawal, who has worked with the business since July of last year, stated that he has achieved his explicit aim of joining the company. While Agrawal took the initiative to announce his leave, Sinha and Sanyal’s departure has yet to be made public. Sanyal spent over six years at Godfrey Phillips India before heading Cars24 as VP and business head in May of last year.

The resignations follow Cars24’s decision to fire off around 600 staff to decrease expenses. It is common knowledge that Cars24 is attempting to cut expenses, and one method of doing so has been to lay off staff. According to an ET story, the business is trying to cut its burn rate by half, from $20 million to $10 million per month, to lengthen its runway.

The startup’s ambitious expansion ambitions in the Emirates, Middle East, Thailand, & Australia are thought to be on hold. According to the magazine, Cars24 has also closed several of its offline facilities around the country, except for the National Capital Region. Cars24 is a global e-commerce marketplace for pre-owned automobiles founded in 2015 by Ruchit Agarwal, Vikram Chopra, Mehul Agrawal, and Gajendra Jangid. It intends to revolutionize the used-car business by bringing the entire process of browsing, buying, selling, and funding online. Last year, the business collected $850 million in two rounds, boosting its valuation to $3.3 billion. It presently operates in 182 major Indian cities and has over 205 branches.

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