Used-car marketplace Cars24 is overhauling operations ahead of a potential listing, tightening control of its India business, pruning non-core units, and sharpening its push toward profitability. The Gurugram-headquartered company is also evaluating a corporate shift back to India to align with domestic regulations and deepen access to local capital.
Leadership changes at the top
Co-founder Gajendra Jangid has stepped back from day-to-day responsibilities after more than a decade with the company, while remaining associated through its road safety initiative. Senior executives Himanshu Ratnoo, who led the India used-car vertical, and Ankit Bhalla have also exited.
In a bid to centralise decision-making as the company enters its next phase, CEO Vikram Chopra will directly oversee the India business rather than appoint an immediate replacement. The move signals a tighter command structure and a focus on operational discipline.
IPO runway and corporate restructuring
Cars24 is preparing for an initial public offering within the next 6–12 months, according to people familiar with the matter. As part of IPO readiness, the company is considering a “reverse flip” — relocating its holding structure from Singapore back to India — a route several Indian startups have pursued to simplify compliance, improve tax efficiency, and appeal to domestic institutional investors.
Portfolio rationalisation and cost control
To streamline operations, Cars24 undertook workforce rationalisation in 2025 and wound down underperforming initiatives, including Inspare, while scaling back teams on projects such as FourDoor. The company has redirected resources toward its core used-car retail and financing businesses, aiming to improve unit economics and reduce burn.
Profitability focus and market expansion
After reporting lower revenue and higher losses in FY25, the company has pivoted to higher-margin retail sales over wholesale volumes in FY26. Management indicates that the UAE business has already turned profitable, offering a proof point for the model in international markets.
Cars24 is building out an integrated car-ownership ecosystem through strategic acquisitions and services. Recent additions include platforms such as CarInfo and Team-BHP, alongside the expansion of its in-house financing arm. Together, these efforts are designed to strengthen customer acquisition, boost lifetime value, and present investors with clearer visibility on margins ahead of the planned listing.
