Saturday, July 20, 2024

Centre Court Capital backs Quidich Innovation Labs in Series A funding round

MUMBAI:Centre Court Capital (CCC), a venture capital firm backed by the Sajjan Jindal Family Trust and specializing in sports tech and gaming, has led led an undisclosed Series A investment round in Quidich Innovation Labs. Quidich, a sports broadcast technology company founded by Rahat Kulshreshtha and Gaurav Mehta, has been focusing exclusively on sports, especially cricket, since 2019.

Quidich will leverage the new capital to enhance its technology stack and expand its reach into new sports and geographies. Known for its advanced camera systems, computer vision, and augmented reality, the company aims to elevate live sports broadcasts. 

The funding is set to propel Quidich deeper into the sports media rights market, currently valued at $56 billion, with projections to reach $114 billion by 2030. Quidich has forged strong partnerships with major sports entities, including the Board of Control for Cricket in India (BCCI), the International Cricket Council (ICC), and global broadcasters like Sky Sports, Sunset+Vine, Channel 7, and SuperSport.

“As sports broadcast technology undergoes a sector-wide transformation, broadcasters and leagues are searching for partners to guide them into a new era. We believe that Quidich’s dedication and unwavering commitment to quality, demonstrated through their consistent pursuit of excellence in cricket broadcasting, positions them as the leaders for this transformation,” said Ghouse, General Partner at CCC.

This Series A funding aligns with CCC’s strategic focus on sports technology, complementing its initial investment in Stupa Sports Analytics, a sports analytics company.

Founded by Mustafa Ghouse, a former chief executive of JSW Sports and an Asian Games bronze medalist, CCC has quickly emerged as a key player in the sports tech venture capital space since its inception in April. In a recent interview, Ghouse said that the fund had evaluated over 350 potential investees and was in detailed discussions with about 10 of them.

Quidich’s latest product, HypeReality, developed in collaboration with the ICC, is poised to revolutionize fan engagement with sports. Leveraging the technological expertise of both partners, HypeReality aims to transform the spectator experience by bringing the atmosphere of the ICC Men’s T20 World Cup 2024 directly into homes worldwide through Apple Vision Pro, Apple’s latest immersive content technology.

“We are thrilled to have Centre Court Capital come on board as investors. Beyond critical funding, they bring a legacy of sporting excellence and a shared belief in the transformative power of technology in sports. We are united in our goal to redefine the global sports viewing experience and are confident that with Centre Court Capital by our side, the game is about to change in ways we’ve only dreamt of,” said Rahat Kulshreshtha, co-founder, Quidich.

CCC is a 350 crore fund backed by prominent investors including JSW, the Small Industries Development Bank of India (Sidbi), Premji Invest, USK Capital, and other major corporate sports investors like GMR Sports and SG Sports.

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Published: 20 Jun 2024, 11:14 AM IST

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