MOGO becomes the first Indian esports company to be listed on NASDAQ

Esports, or electronic sports, are helping to promote India’s business interests internationally. The Commonwealth Esports Championships which was held parallel with the Commonwealth Games (CWG) 2022 saw India’s esports team take home a bronze medal, and now an Indian esports company has been listed on Nasdaq, the US stock exchange.

Mobile Global Esports, often known as MOGO, became the first esports company to go public in the American stock market when its shares were made available for subscription on the Nasdaq Capital Market on July 29 and closed on August 2.

The company raised roughly Rs 55 crore by selling 1.725 million shares at $4 apiece. According to Sunny Bhandarkar, CEO of MOGO Esports, its share price has more than tripled from its initial issue price to $12.57.

MOGO Esports’ journey began in 2016 when the Association of Indian Universities (AIU), a body that represents 854 major universities and the sports and academic industries in India, was exposed to Esports.
In October of last year, SII, an American branding, marketing, and sports promotion organization, gave MOGO the business rights to its operations. SII is the owner of 14.5 percent of MOGO.

According to Bhandarkar, MOGO is now developing and growing the firm SII founded, which is centered on the rising Esports industry, with a focus on India and other South Asian regions.

MOGO becomes the first Indian esports company to be listed on NASDAQ

“We saw that Esports was not done in an organized way in universities and colleges. So, we spoke to the heads of universities to give us their Esports team, and surprisingly nobody had any data on Esports players,” Bhandarkar said. “So, we started organizing open tournaments and kept a record of age, colleges. After getting data across all universities across India we realized that there are thousands of teams. We took permission from university directors, and vice-chancellors, and we put together teams. We have organized five different events so far and we are expanding into more games.

Since last year, the business has hosted 27 Esports competitions in India for games like Valorant and Battlegrounds Mobile India (BGMI), among others.

“There will be 70 events this year, and we want to have ten different games. We’ll continue to grow “said the CEO.

In September of this year, the organization will also debut its first Mobile Global South Asian Inter-University Esports competition with a prize fund of Rs 1 crore.

“It acquired a viral aspect because of the prize pools of games like PUBG (Player Unknown’s Battlegrounds) and BGMI. Consequently, we will maintain a sizeable prize pool for our competitions, “he added.

The highest prize pool was Rs 1 crore awarded in the Battlegrounds Mobile India Series (BGIS) by Krafton last year. According to a 2022 study by the consulting firm EY and the Federation of Indian Chambers of Commerce and Industry, the total award money in 2021 exceeded Rs 20 crore (FICCI).

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