N-gage, an instant messenger similar to WhatsApp, has launched a new initiative in which the first million registered Indian users will get 20 shares in the company.
A total of 250 million shares will be given to its Indian and global users, according to Ajit Patel, its CEO and founder. N-gage was launched in January this year and has been downloaded 8 lakh times. This effort is to grow the customer base. “These users will become partners in the business and help it grow and we feel this is the right way to reward them,” said Patel.
The more invites a person sends out, which results in registrations, the more loyalty points they earn, which in turn can be exchanged at an appropriate time with either an N-gage share or cash. Further, these shares are owned by Wemet Loyalty Company, a sister company of N-gage, which is governed by an independent board of directors. N-gage has agreed with Wemet Loyalty Company that N-gage users will be able to exchange their N-gage loyalty points for either N-gage shares or its value when N-gage is sold, or publicly listed on the London Stock Exchange, which it plans to do by the end of 2020, added Patel. When asked about the number of users that the company plans to target, Patel said they do not have a target in mind.