Cars24, the used-car e-commerce platform operating in India and other regions, has added Infosys CFO Jayesh Sanghrajka to its board as an independent director. This strategic move aims to leverage Sanghrajka’s extensive experience in public markets and corporate governance as Cars24 prepares for accelerated growth and a potential IPO.
- Jayesh Sanghrajka joins as independent director after 4 years chairing audit committee
- Cars24 eyes public listing while expanding operations internationally
- Sanghrajka brings deep expertise from Infosys' dual India-US public market experience
What happened
Cars24 announced the appointment of Jayesh Sanghrajka, the chief financial officer of Infosys, as an independent director on its board. The company’s cofounder and CFO, Ruchit Agarwal, made the announcement via a blog post, highlighting Sanghrajka’s existing involvement with the firm as head of its audit committee over the past four years. This addition is positioned as a key step in the company’s governance structure amid its scaling journey.
Sanghrajka brings significant experience, having been instrumental in overseeing finance, mergers, acquisitions, and investor relations at Infosys, one of the few Indian companies dual-listed in India and the US. His career at Infosys began in 2004, providing him with substantial exposure to public markets and regulatory environments.
Why it matters
Cars24 is in a growth phase, expanding operations beyond India into the UAE and Australia, while preparing for a potential public market listing. The appointment of a director familiar with navigating complex regulatory regimes and investor relations is a strategic move to strengthen board expertise and corporate governance. Sanghrajka’s role is crucial to help the company build the operational and financial frameworks necessary for scaling across multiple countries.
The used-car market in these regions is evolving, and Cars24 aims to create a new category that covers buying, selling, financing, and owning vehicles. Having a seasoned professional who understands public markets will help Cars24 enhance investor confidence and meet the heightened compliance and reporting standards required in public markets.
What to watch next
Market watchers and stakeholders should closely follow Cars24’s progress toward its IPO and how the company manages its expansion across India, UAE, and Australia. Sanghrajka’s appointment signals a focus on robust governance practices, suggesting the company is preparing for the stricter scrutiny that comes with public ownership.