India-based used-car marketplace Cars24 has announced Kunal Mundra as its new CEO.
Mundra (LinkedIn profile) will be responsible for the company’s car business in India, working closely with the co-founders to device and implement expansion strategies, Cars24 announced through a news release. Mundra has more than 15 years of experience in senior roles across several industries, including auto, manufacturing and services.
An alumni of the Indian Institute of Management, Bengaluru (IIM-B), Kunal Mundra boasts considerable experience in automotive sector. He was instrumental in developing tire manufacturing company CEAT‘s Specialty product range for five years. Mundra was also an EVP of Bain Capital Private Equity, where he helped the investment company navigate several operational challenges.
Commenting on the new appointment, Vikram Chopra, Co-Founder and CEO, said that, in this hyper growth stage, it has become imperative for Cars24 to invest in building strong leadership teams. “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.”
“Kunal will help futureproof the brand, as we continue to grow and revolutionise the way Indians buy or sell used vehicles. We are confident that Kunal’s obsession with cars, bikes and engines will further help us strengthen our foothold in this highly fragmented used cars market in India, which showcases an immense potential for growth,” Chopra added.
Kunal Mundra said that Cars24 have done an incredible job in 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,” Mundra said.
The appointment of a new CEO follows a successful period at Cars24. The company saw its revenue grow by 82% to $416 million in FY20. This period also saw the company raise $200 million from multiple investors, taking its valuation over the billion-dollar mark, and achieving the unicorn status.
Founded in 2015, Cars24 was initially a b-to-b marketplace, merely purchasing used cars from customers, but later expanded to a b-to-c model, offering customers with an opportunity to explore and buy used cars online. The company also acquired an NBFC license in 2020 for its financial services, and later ventured into motorcycle category. It operates in over 130 cities in India.