CXO moves, strategic interviews, opinion pieces from category heads and founders.
Cars24 COO Mehul Agrawal stepped down after a decade, the fourth senior exit as the used-car platform eyes a 6-12 month IPO window. At Blinkit, CEO Albinder Singh Dhindsa used his 'Buildit' book launch to frame the 3-million-orders-a-day scale story around gig-work friction and Zomato's backing.
Today's signals · in this brief
Co-founder Agrawal steps down after a decade, staying on the board, following exits by co-founder Gajendra Jangid, India used-car CEO Himanshu Ratnoo and engineering director Ankit Bhalla. Cars24 is targeting a listing within 6-12 months even as H1 FY26 revenue rose 18% to Rs 651 crore.
Blinkit CEO Albinder Singh Dhindsa uses his book launch to detail the quick-commerce firm's scale-up to three million orders a day, navigating India's low-trust consumer market, regulatory friction around gig work, and Zomato's capital and operational backing.
Narrative arcs in this brief
Blinkit hits 3 million daily orders and drives Eternal to a 4.5X profit jump, yet 2,243 dark stores yielded just Rs 37 crore EBITDA. Scale is proven; the quick-commerce unit economics story is still unfinished.
Pre-IPO churn hits Cars24 with a fourth senior exit, Wow! Momo raises Rs 110 Cr NCDs to refinance, and HUL reworks 55 brands for premiumisation — signalling consumer businesses are resetting cap tables, leadership and portfolios ahead of FY27.
Pre-synthesised briefings on this brief
What's happening in quick commerce this scan?
Blinkit is the dominant story: 3 million daily orders, 2,243 dark stores, 76.5% of Eternal's revenue at Rs 13,232 crore. But adjusted EBITDA margin is 0.3% and top-eight-city coverage is near-saturated at 80-90%. Smaller-city economics are now the swing factor.
Who moved in leadership this scan?
Cars24 COO Mehul Agrawal exited his operating role after a decade, the fourth senior exit alongside co-founder Gajendra Jangid, India used-car CEO Himanshu Ratnoo and engineering director Ankit Bhalla. Separately, Blinkit CEO Albinder Singh Dhindsa launched his book 'Buildit' detailing the 3-million-orders-a-day playbook.
What's happening in Gurugram this scan?
Gurugram dominates as Eternal's HQ delivered a Rs 17,292 crore quarter with 4.5X PAT growth. Down the road, Cars24 is bleeding senior leadership with four recent exits as it eyes a listing within 6-12 months despite H1 FY26 revenue rising 18% to Rs 651 crore.
Is Cars24's IPO still on track?
Cars24 is still targeting a listing within 6-12 months, but pre-IPO churn is accelerating with COO Mehul Agrawal becoming the fourth senior exit. H1 FY26 revenue rose 18% to Rs 651 crore and losses narrowed 36%, though leadership stability will be a key diligence question.
Who are the pre-IPO candidates worth tracking?
Cars24 has signalled a listing within 6-12 months despite four senior exits. Wow! Momo's Rs 110 crore debt raise and 850-outlet, 90-city footprint also fit a pre-listing posture. Dholakia Lab Grown Diamond's Rs 800 crore PE round positions it as a later-stage retail IPO candidate.
What's Blinkit's current scale?
Blinkit runs 2,243 dark stores spanning 17 million square feet, with 4 lakh delivery partners pushing 3 million orders a day. Q4 FY26 net order value hit Rs 14,386 crore, contributing 76.5% of parent Eternal's Rs 17,292 crore topline.
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