This mantra is recited as much for the benefits of the sound vibrations as for any specific meaning. It literally means “Om, I bow to Lord Vasudeva”.
Om is the primordial and sacred sound vibration of the universe or the essence of all creation.
Namo is a salutation, and Bhagavate is one who is becoming divine.
Vasudeva means “life in all beings”, so we are honouring ourselves and our own inner light and life when we chant this mantra.