Girnar Software, which owns and operates auto portals CarDekho, Gaadi, ZigWheels, and BikeDekho has acquired PowerDrift, an automotive channel on YouTube.
The financial details of the deal aren’t disclosed. Moreover, rather than acquistion, it looks like an acquihire. The development comes after Girnar Software raised Rs 16 crore in debt round from Trifecta Venture Debt Fund-1.
Following its 8th acquisition across technology and content space, the Jaipur-based company will reach out to 1.4 million subscribers on YouTube via PowerDrift channel.
Founded in 2012 by Rohan Albal and Amit Shetty, PowerDrift is a car and motorcycle review & entertainment show with more than 240 million lifetime views on its YouTube channel with an average of 2 lakh views per video, mentions the company’s press statement.
PowerDrift specialises in creating a unique lifestyle and engaging video content for consumers and enthusiasts of cars and motorcycles in India. According to CarDekho, about 80 per cent of car buyers watch online video during their car buying process.
The Sequoia-backed company wants to accelerate engagement on YouTube through PowerDrift reach.
Other players in automotive YouTube channel space are Autocar India, Overdrive, Autoportal, Car & Bike Show NDTV.
Currently valued at $380 million, CarDekho parent Girnar Software has raised funding from Marquee investors which include Google Capital, Tybourne Capital, Hillhouse Capital, Sequoia Capital, HDFC Bank, Ratan Tata and Times Internet.
In March, this year, CarDekho had raised $2.5 million from an existing investor Sequoia Capital in an extended Series B round of funding. It reported a consolidated growth of 38 per cent to Rs 113 crore in FY17, up from Rs 82 crore in previous fiscal.
Source: Entrackr
