The settlement will put an end to all open judicial proceedings
Rajnish Kumar, Chairman of the Board, BharatPe
FinTech BizNews Service
Gurugram, May 26, 2024: BharatPe Group and PhonePe Group, today announced that they have amicably settled all long-standing legal disputes pertaining to the use of the trademark with the suffix ‘Pe’. Both companies had been involved in long-drawn legal disputes across multiple courts,
over the course of the last 5 years. The settlement will put an end to all open judicial proceedings.
As a next step, Parties have already taken steps to withdraw all oppositions against each other in the trademark registry which will help them to proceed with the registration of their respective marks. Further, both organizations will undertake to take other necessary steps to comply with the
obligations under the settlement agreement in respect of all cases before Hon’ble Delhi High Court and Hon’ble Bombay High Court.
Mr. Rajnish Kumar, Chairman of the Board, BharatPe, said “This is a positive development for the industry. I appreciate the maturity and professionalism shown by the Management of both sides, working closely to resolve all outstanding legal issues and moving ahead to focus their energy and resources in building robust digital payment ecosystems.’’
Sameer Nigam, Founder and CEO PhonePe added, ‘’I am glad that we have reached an amicable resolution in this matter. This outcome will benefit both companies to move forward and focus our collective energy on growing the Indian fintech industry as a whole. I would like to thank Rajnish Kumar and his team for working with us to get to this positive outcome.”
BharatPe Group
BharatPe (brand name of Resilient Innovations Pvt Ltd) was founded in 2018 to make financial inclusion a reality for Indian merchants. In 2018, launched India’s first UPI interoperable QR code, the first zero MDR payment acceptance service. In 2020, post-Covid, BharatPe also launched a card acceptance terminal – BharatPe Swipe. Currently with a registered network of over 1.3 crore merchants across 450+ cities, the company is one of the leading players in UPI offline transactions, processing 370 million+ UPI transactions per month. BharatPe processes payments of annualized Transaction Processed Value of over Rs. 1.7 Lac Crores. BharatPe Money (brand name of Resilient Digi Services Private Limited), a BharaPe Group Company, has already facilitated the disbursement of loans of over Rs14,600 crores, in partnership with NBFCs. BharatPe’s POS business processes payments of over Rs29,000 crores annually on its machines. BharatPe has raised over US$ 583 million in equity till date.The company’s list of marquee investors includes Peak XV Partners (formerly known as Sequoia Capital India), Ribbit Capital, Insight Partners, Amplo, Beenext, Coatue Management, Dragoneer Investment Group, Steadfast Capital, Steadview Capital and Tiger Global. In June 2021, the company announced the acquisition of PAYBACK India (Rebranded to Zillion), the country’s largest multi-brand loyalty program company with 100 million+ members. In October 2021, the consortium of Centrum Financial Services Limited (Centrum) and BharatPe, was issued a Small Finance Bank (SFB) license by the Reserve Bank of India (RBI). BharatPe also entered the Buy Now Pay Later (BNPL) consumer fintech segment with the launch of postpe in October 2021. postpe has over 15 million downloads. In January 2023, Resilient Payments Pvt Ltd, a BharatPe Group Company, received an in-principle nod from the Reserve Bank of India (RBI) to operate as an online payment aggregator. In April 2023, BharatPe acquired is also a promoter in Trillionloans, a renowned NBFC (Non- Banking Financial Company) registered with RBI.
PhonePe Group:
PhonePe Group is India’s leading fintech company. Its flagship product, the PhonePe digital payments app, was launched in Aug 2016. In just 7 years, the company has scaled rapidly to become India’s leading consumer payments app with 535+ million registered users and a digital payments
acceptance network of 39+ million merchants. PhonePe also processes over 255 million daily transactions with an annualized Total Payment Value (TPV) of USD 1.5+ Trillion.
On the back of its leadership in digital payments, PhonePe Group has expanded into financial services (Insurance, Lending, Wealth) as well as new consumer tech businesses (Pincode – hyperlocal e-commerce and Indus App Store – India’s first localized App Store). PhonePe Group is an India headquartered technology company with a portfolio of businesses aligned with the company’s vision to offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services.
