VEQTA, India’s first digital broadcast network (OTT) dedicated to sports, on Thursday said it raised $500,000 in seed round funding from early stage venture capital firm Chatsworth Management and ITW, India’s leading sports management company. The venture had earlier received an initial stage backing from ITW.
VEQTA aims at redefining how sports is consumed in India by serving fans a selection of the best sports content from across the globe through Video On Demand and Live Streaming.
“VEQTA is a unique offering that covers a wide variety of sports in innovative content formats and will expand to multiple languages in the future. As a dedicated sports network, we will follow a ‘Freemium’ model with a large pool of content available to all users and selected premium content behind a paywall. This will include licensed content and also our flagship studio content across cricket, football, action sports, motorsports, basketball, tennis, Badminton and a wide range of Olympic sports," says Vikram Tanwar, co-founder, VEQTA, in a statement.
The funds secured will be used to further expand the team, invest in product development and grow consumer base.
The OTT service space for streaming and video on demand is one of the fastest growing spaces for digital businesses. There are offerings in the movies, general entertainment, and music genres, however, sports is highly under served in India unlike other markets in the West, where it is one of the largest segments.