Cars24, the used car marketplace preparing for an initial public offering, has appointed Infosys CFO Jayesh Sanghrajka as an independent director on its board. Sanghrajka, who has served on Cars24's audit committee since 2021, joined the board amid a wave of leadership changes at the startup. The appointment was announced in early June as the company advances its IPO plans, aiming to enter public markets within the next six to twelve months, according to CEO Vikram Chopra in January, as reported by inc42.com.
Jayesh Sanghrajka brings nearly 14 years of experience at Infosys, where he has held roles including vice president, corporate financial controller, and head of mergers and acquisitions. His expertise includes stakeholder management and post-merger integration. Cars24’s CFO Ruchit Agarwal expressed enthusiasm about Sanghrajka joining the board, calling it both humbling and exciting. The leadership changes follow recent exits of cofounders and senior executives, including COO Mehul Agarwal and CMO Gajendra Jangid, signaling a significant top-deck reshuffle at the company, inc42.com detailed.
The leadership overhaul and Sanghrajka’s appointment come as Cars24 reported financial improvements in the first half of fiscal year 2026. The company’s adjusted net revenue rose 18% year-on-year to ₹651 crore, while its adjusted EBITDA loss narrowed by 36% to ₹162 crore. These financial gains support the startup’s IPO ambitions and position it competitively in the used car marketplace sector. Cars24’s strategic moves reflect broader trends of consolidation and leadership realignment in India’s rapidly evolving automotive e-commerce space, according to inc42.com.
Cars24 has yet to disclose its full fiscal year 2026 financial results. The company’s next major milestone will be its IPO, targeted within the next six to twelve months, as confirmed by CEO Vikram Chopra earlier this year, per inc42.com.