Cars24 co-founder Mehul Agrawal has stepped down from his operational role at the SoftBank-backed used-car marketplace, marking the second founder to leave an executive role in a week as the firm gears up for its initial public offering.

The decision follows a day after Cars24 co-founder Gajendra Jangid revealed he was resigning from his executive position but would continue to engage in strategic initiatives, signaling a notable reshuffle among founders at the firm prior to its expected listing.

Agrawal also revealed the decision in a LinkedIn post on April 30, stating he was departing after over 11 years of developing the company.

“My DNA is filled with Cars24.” I will keep being the most enthusiastic supporter. "I will remain a Board member, observing each step from a different role," Agrawal stated.

Established in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal, and Gajendra Jangid, Cars24 has evolved into one of India's biggest online platforms for used cars and has entered international markets, such as the UAE and Australia.

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Agrawal mentioned that his departure aligns with what he referred to as an "inflection point" for the company, noting that Cars24 recently achieved its initial profitable quarter globally.

"There is no ideal moment for making such decisions." However, I realize this is the most powerful we have ever been. "We have just concluded our first globally profitable quarter," he wrote.

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The organization had developed a sufficiently robust leadership team, allowing founders to disengage from daily operations. “Observing the builders throughout this organization, across various levels, regions, and nations, I notice many founders already,” Agrawal stated.

The twin founder departures occur during a wider leadership shake-up at Cars24. Earlier this year, the head of used cars for the company in India, Himanshu Ratnoo, also departed from the organization.

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Although changes in founder roles are common as startups gear up for public offerings and establish governance frameworks, the rapid departure of two co-founders from executive positions is bound to attract investor scrutiny.