New Delhi, April 30 -- Used-vehicle marketplace Cars24's co-founder Mehul Agrawal on Thursday announced his decision to step down from an operating role, in the latest high-profile exit at the IPO-bound company.

Announcing his decision on the professional networking platform LinkedIn, Agrawal said he would step back from his operating role but would continue as a member of Cars24's board. "There is never a perfect time for these decisions. But I know this is the strongest we have ever been," he wrote.

Just two days ago, co-founder Gajendra Jangid, who had served as the company's chief marketing officer since its inception, announced that he would also be stepping away from his executive role.

In March, the company's chief executive for...