Viu, a video-streaming service owned by Hong Kong's PCCW Media Ltd., is shutting down its India operations amid intense competition in the country's overcrowded streaming market, The Economic Times of India reported.

All Viu India employees will receive a three-month severance package. An unnamed executive said the company attributed its decision to exit India three years after its launch to the heavy investments needed to operate in the South Asian country.

"Netflix Inc. and Amazon.com Inc. are spending US$5 million to US$10 million on one show in India, and we had a total content budget of US$15 million. Even the marketing budget that was given to us was just US$8 million. You cannot create a big [over-the-top] play with such a low budget," a Viu employee reportedly told the publication.

Chief Strategy Officer Arun Prakash said the company would rather invest in other Asian countries where it is among the top five players.

Viu also operates in markets including Singapore, Malaysia, Indonesia, the Philippines, Thailand, the United Arab Emirates and South Africa.