CARS24 Appoints Former MD & CEO CEAT Specialty Tyres Ltd Kunal Mundra as New CEO for its Cars Vertical in India

Kunal’s industry expertise will help strengthen and diversify the expansion plans for the Unicorn

Gurgaon, February 16, 2021: CARS24, India's leading online transaction platform for pre-owned vehicles, announces the appointment of Kunal Mundra as CEO, Cars India, CARS24. Kunal has worked in senior roles across several industries, including auto, manufacturing and services.

In this newly created role, Mr. Mundra will be responsible for the company's car business in India, while closely working with the co-founders to device expansion strategy.

Commenting on the new appointment, Vikram Chopra, Co-Founder and CEO, CARS24 India said, “I am delighted to have Kunal Mundra join our team at CARS24. In his new role, Kunal will help futureproof the brand as we continue to grow and revolutionise the way Indians buy or sell pre-owned vehicles. In this hyper growth stage, it has become imperative for us to invest in building strong leadership teams and Kunal’s experience across various sectors will go a long way in strengthening CARS24’s four-wheeler vertical- by playing on our existing strengths and at the same time keeping the brand agile for the next leap. We are confident that Kunal’s obsession with cars, bikes and engines will further help us strengthen our foothold in this highly fragmented pre-owned car market in India, which showcases an immense potential to grow.”

Speaking about his new role, Kunal Mundra, CEO, Cars India, CARS24 said, "I'm really looking forward to my ride with the Cars24 team. They have done an incredible job building a trusted consumer brand, a uniquely scalable business model and a strong competitive position in just a few years. The potential for growth in the global used car space is however vast and I look forward to helping the company drive this momentum forward."

An IIM-B Alumnus, Kunal Mundra is a seasoned professional with over 16 years of experience across different industries. His passion for being a business builder took him to CEAT to build a new specialty tires business. He was the CEO and Founder of CEAT Specialty Tyres for 5 years, and a member of ExCom for CEAT Tyres. In his recent past, he was an Executive Vice President at Bain Capital Private Equity, where as an operating partner he helped their portfolio companies navigate several formidable challenges.

About CARS24:

CARS24 is the largest online transaction platform for pre-owned vehicles in India. Founded in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal and Gajendra Jangid, it offers an efficient, reliable, and hassle-free transacting experience to customers to buy and sell pre-owned vehicles (cars and bikes) as well as financing options. CARS24 operates in over 130 cities in India.

Since its inception, CARS24 has built a strong technology backbone that features various first-of-its-kind offerings including an innovative auction format, a state-of-the-art proprietary inspection app, and a powerful algorithm that matches supply and demand across the country. In addition, CARS24 also features an innovative price discovery mechanism for used vehicles.

CARS24 is the first player in the pre-owned vehicle industry to procure a non-banking financial company (NBFC) license and launch consumer lending business with CARS24 Financial Services and two-wheeler segment CARS24 MOTO. It is backed by marquee investors like Sequoia India, Exor Seeds (venture arm of Exor, one of the world’s leading holding companies controlled by the Agnelli Family), DST Global, Kingsway Capital (London based multi-billion US$ fund), Unbound (global investment firm headquartered in London), Moore Strategic Ventures and KCK (Silicon Valley & New York based investment firm).

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