Cars24 appoints Kunal Mundra CEO of its India cars vertical

Kunal Mundra is set to take charge as the chief executive officer (CEO) of India cars vertical at Cars24, with immediate effect.

In this role, which has been newly created, the executive will be responsible for leading the Gurugram-based used cars marketplace’s business in India as well as working with the co-founders to devise a strategy for expansion, according to a statement.

“Kunal will help futureproof the brand as we continue to grow and revolutionise the way Indians buy or sell pre-owned vehicles,” Vikram Chopra, the co-founder and CEO of the company, which turned a unicorn in November 2020, said.

Read: Pandemic spurs growth for used car and two-wheeler marketplaces

Mundra comes from Bain Capital, where he led as executive vice president and guided their portfolio companies to navigate several formidable challenges. Prior to this, he was the CEO and MD of CEAT Speciality Tyres. In fact, Mundra was the one who founded the speciality tyre business unit of the global tyre major with presence across B2C and B2B segments.

For the financial year 2019-2020, Cars24 doubled its consolidated revenue year-on-year to Rs 3,065 crore. Meanwhile, its net loss margins reduced 12% YoY to Rs 284.9 crore.