Esports: The first Indian esports organization to list on the NASDAQ is MOGO

    The company, which has raised approximately Rs 55 crore, is focused on the expanding Esports industry, with a particular emphasis on India and other South Asian markets

    The first Indian esports organization to list on the NASDAQ is MOGO Image credit: SALive Image The first Indian esports organization to list on the NASDAQ is MOGO

    Esports, or electronic sports, are helping to promote India internationally. The last Commonwealth Games (CWG) 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 American esports company to go public when its shares were made available for subscription on the Nasdaq Capital Market on July 29 and closed on August 2.

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

    The Sports Industry of India (SII), an academic and sporting organization that represents 854 major universities, brought Esports to the Association of Indian Universities (AIU) in 2016, which was when MOGO Esports' journey began.

    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.

    SII has granted MOGO the rights to create, organize, market, and monetize mobile Esports events in partnership with AIU and another major university sports association known as Elite University Sports Alliance of India Pvt. Ltd. (EUSAI).

    Make in India

    According to Bhandarkar, the business would use the money raised from the inaugural share sale to increase the prize fund, host more competitions, and create an Indian Esports game.

    Scholarships for high school students are another goal of MOGO's 75 partner Indian colleges. Additionally, the company will hire 100 people in India for jobs as game developers, instructors, streamers, and statisticians.