India, Aug. 23 -- Auto marketplace CARS24's Singapore-based parent, Global Car Group Limited, has infused INR 345.2 Cr in the startup.

CARS24's board approved the allotment of 3.04 Lakh equity shares to Global Car Group at an issue price of INR 11,347 per share on July 21, according to the startup's Registrar of Companies (RoC) filings accessed by Inc42.

While the startup didn't respond to Inc42's queries on the funding, a source close to CARS24 said that the capital will primarily be used for working capital needs and strengthening its core offerings.

The fundraise comes over a year after Global Car Group pumped in INR 250 Cr in CARS24. The funding rounds came at a time when the startup is gearing up for an IPO. Last year, its cofound...