Mehul Agrawal (CARS24): 10 Key Things You Must Know

Overview

Mehul Agrawal is a prominent Indian entrepreneur best known as the co-founder and Chief Operating Officer (COO) of CARS24, one of India’s largest and fastest-growing online used car marketplaces. Since its founding in 2015, Agrawal has been instrumental in shaping the company’s business strategy, operational expansion, and innovative use of technology to disrupt the traditional used car market. His leadership has helped CARS24 expand internationally and build a significant market share, making the used-car buying and selling experience more seamless and trustworthy for millions of customers. This article explores 10 key aspects of Mehul Agrawal’s career, contributions, and influence within CARS24 and the broader automotive ecosystem.

1. Early Career and Education

Mehul Agrawal holds an MBA in General Management from the Indian Institute of Management (IIM) Calcutta, one of India's premier business schools. Before founding CARS24, he gained valuable experience working with companies like The Boston Consulting Group and Morgan Stanley. He also founded FabFurnish, an online furniture and home décor retailer, showcasing his entrepreneurial spirit early on. This mix of consulting, finance, and startup experience equipped him with the skills essential for scaling a high-growth tech company like CARS24.

2. Co-founding CARS24

In 2015, Mehul Agrawal co-founded CARS24 alongside Vikram Chopra, Gajendra Jangid, and Ruchit Agrawal with the vision to revolutionize India's fragmented and largely unorganized used car market. Recognizing the gap in reliability and efficiency for used car transactions, they created a digital platform that simplified buying, selling, financing, and servicing of pre-owned vehicles, leveraging technology and data insights extensively.

3. Role as Chief Operating Officer

As COO, Mehul Agrawal oversees operations, technology integration, and strategic initiatives at CARS24. Under his guidance, the company has optimized end-to-end buyer and seller experiences, including instant payments, doorstep inspections, comprehensive paperwork management, and AI-powered pricing engines. His focus on operational excellence has driven customer trust and growth in multiple Indian and international markets.

4. International Expansion Efforts

Agrawal has played a crucial role in CARS24’s global expansion, particularly during and post-pandemic times. The company now generates nearly 30% of its revenues from overseas markets, with Australia as its largest international presence, followed by Thailand and the United Arab Emirates. Investments of $50–100 million have been made in these territories, marking the company’s ambition to scale across diverse geographies while maintaining India as its core market.

5. Technological Innovation and Data-Driven Pricing

One key competitive advantage Mehul Agrawal has helped build at CARS24 is the company’s proprietary data infrastructure. The platform collects extensive data from hundreds of thousands of car transactions, allowing it to accurately price each unique used car based on various features like model, year, condition, and market trends. This technological moat, developed over a decade, makes the pricing strategy highly reliable and difficult for competitors to replicate.

6. Leadership Style and Philosophy

Agrawal has publicly emphasized boldness, curiosity, and resilience as critical leadership traits. He encourages a culture of learning from failures and continuous questioning to fuel innovation. His philosophy is grounded in driving sustainable growth, efficient use of capital, and preparing the business for profitability rather than mere valuation inflation.

7. Financial Growth and Market Position

Under Mehul’s operational leadership, CARS24’s revenue grew 8% year-on-year to ₹5,535 crore (about $650 million) in fiscal year 2023, alongside a significant reduction in net losses by 57%. The platform now holds a 5% share of India's used car market, which is valued at approximately $25 billion and growing rapidly. The company recently achieved an annual revenue run rate close to $1 billion, signaling strong financial health and market traction.

8. Collaborations and Influential Partnerships

CARS24 secured high-profile endorsements and investments such as from former Indian cricket captain MS Dhoni, who is both a brand ambassador and investor. The association has helped boost brand credibility, especially in tier 2 and tier 3 cities. Meanwhile, the leadership trio including Mehul Agrawal effectively collaborates on operational, marketing, and financial aspects to maintain a balanced and well-rounded top management team.

9. Relevant Associates: Vikram Chopra, Gajendra Jangid, and Ruchit Agarwal

Mehul Agrawal’s fellow co-founders include Vikram Chopra (CEO), Gajendra Jangid (CMO), and Ruchit Agarwal (CFO). Together, they have built CARS24 into a tech-driven full-stack player in the automotive ecosystem, covering buying, selling, financing, and ancillary services. Their complementary skills form a strong leadership foundation with each founder focusing on their domain expertise for sustained execution.

10. Future Prospects and Market Challenges

Despite rapid growth, Mehul Agrawal and the CARS24 leadership actively address challenges such as profitability, market competition from other startups like Spinny and CarDekho, and expanding offerings. The company is investing in new verticals like motorcycle sales and innovative services bundled into a super app, aiming to become a comprehensive auto services provider. Mehul’s operational focus includes scaling profitably and preparing for a future IPO while continuing to leverage technology and data for market differentiation.

Conclusion

Mehul Agrawal’s journey from a management consultant to a pioneering entrepreneur in India’s auto-tech space illustrates the power of vision combined with execution. As COO of CARS24, he has championed innovative technology adoption, operational efficiency, and strategic expansion that have propelled the company to unicorn status and international markets. His leadership embodies the modern digital transformation of traditionally offline industries in India. As the used car market continues to evolve, Agrawal and CARS24 stand well-positioned to shape the future of mobility and automotive retail both domestically and globally. His story invites aspiring entrepreneurs and business leaders to embrace data-driven decision-making, customer-centric operations, and sustainable growth.