CARS24’s top executives, including the global CTO and head of business, have retired


Used Ecommerce Platform CARS24 on Monday saw a number of high-profile exits, including global CTO Jitendra Agrawal and company head Kingshuk Sanyal who have left the company to pursue other things.

In a LinkedIn post, Agrawal, who joined the company in July 2021, said he will be leaving CARS24 in the coming months.

“I came to CARS24 with a specific goal of helping the team scale multiple countries at once – a particularly challenging task because, as an e-commerce company with complex execution, we built each country as an independent startup. We also have it all. done at the same time,” he said.

“I will be forever attached to this mission to help consumers experience a delightful way to buy and sell cars, and wish the team all the best as they scale to new heights,” Agrawal added.

CARS24 Chief Human Resources Officer Mrinal Sinha also put in the papers.

The used-car marketplace, slated for an IPO, announced in May that about 600 workers had been laid off for poor performance, not “cost cuts.”

Calling it “business as usual,” the company has nearly 9,000 employees and is hiring more globally. Indiathe Middle East, Australia and Southeast Asia.

“This is business as usual as these are performance-related exits that happen every year,” the company said in a statement.

In December last year, CARS24 closed a $400 million financing round, including a $300 million Series G equity round in addition to $100 million in debt from diversified financial institutions.

The platform was valued at $3.3 billion, roughly double its valuation from the previous round in September 2021.

The company recently announced the launch of seven ‘Mega Refurbishment Labs’ (MRLs) in India – an industry first, and one MRL in the UAE, one of the largest ever commercial leases in Dubai.

“CARS24 has aggressive plans for 2022. We are witnessing greater adoption among customers around the world for our platform when purchasing their next car,” said Vikram Chopra, co-founder and CEO of CARS24.

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