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BharatPe, PhonePe settle all trademark disputes over ‘Pe’ suffix

EntrackrEntrackr · 1y ago
BharatPe, PhonePe settle all trademark disputes over ‘Pe’ suffix
Medial

Fintech firms BharatPe and PhonePe today jointly announced that they have amicably settled all long-standing legal disputes pertaining to the usage of the trademark with the suffix ‘Pe’. Both companies had been involved in long-drawn legal disputes across multiple courts, over the last five years. The settlement will put an end to all open judicial proceedings. As the next step, PhonePe and BharatPe 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 other necessary steps to comply with the obligations under the settlement agreement in respect of all cases before Delhi High Court and Bombay High Court. “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…,” said Rajnish Kumar, chairman of the board, BharatPe. Sameer Nigam, founder and CEO PhonePe added, ‘’…This outcome will benefit both companies to move forward and focus our collective energy on growing the Indian fintech industry as a whole.” In 2019, PhonePe accused BharatPe of illegal usage of ‘Pe’ as a suffix in its app in English as well as in Hindi. Claiming trademark rights over the name, PhonePe also sought an injunction order in a lawsuit against the Tiger Global-backed company. Insurtech startup BimaPe, which later rebranded itself as Verak, also faced similar legal challenges for using the suffix ‘Pe’. The Indian startup ecosystem has seen several out of the court settlement cases in the past. Some notable incidents are PhonePe versus Indus OS, Khatabook versus Dukaan, Cult.fit versus Book Your Game and Flipkart versus GOQii.

BharatPe Vs Ashneer Grover: Ex-MD Seeks RBI Probe Into The Fintech Unicorn’s Shareholding

Inc42Inc42 · 1y ago
BharatPe Vs Ashneer Grover: Ex-MD Seeks RBI Probe Into The Fintech Unicorn’s Shareholding
Medial

Former BharatPe MD and co-founder, Ashneer Grover, has written a letter to the Reserve Bank of India (RBI) requesting an investigation into the shareholding of the fintech unicorn. Grover has accused BharatPe of deliberately "defrauding" the RBI by bringing back Bhavik Koladiya to the company's cap table after securing licences. Grover has demanded that all of BharatPe's licenses be revoked if the company is found guilty, and he also calls for penalties and blacklisting of the venture firms associated with the startup. Additionally, Grover alleges that BharatPe co-founder Shashvat Nakrani transferred shares to Koladiya for free. BharatPe has raised over $650 million in funding from investors such as Peak XV Partners, Ribbit Capital, and Steadview Capital.

Payment Aggregators Urge RBI To Ease KYC Verification Requirement For Merchants

Inc42Inc42 · 1y ago
Payment Aggregators Urge RBI To Ease KYC Verification Requirement For Merchants
Medial

Fintech startup Decentro and other industry players are expressing concerns over the Reserve Bank of India's (RBI) requirement of physical KYC verification for merchants. Decentro has requested the RBI to push back the requirement, with PhonePe, BharatPe, and Mobikwik expected to follow suit. Payment aggregators fear that the new guidelines will increase the time and cost of onboarding merchants, potentially leading smaller businesses to abandon their services. Some stakeholders suggest limiting physical KYC verification to high-risk merchants or adopting digital verification methods. The RBI has been tightening regulations in the fintech space in response to increased digital adoption.

BharatPe revenue climbs to Rs 1,426 Cr in FY24, losses shrink 50%

EntrackrEntrackr · 9m ago
BharatPe revenue climbs to Rs 1,426 Cr in FY24, losses shrink 50%
Medial

Fintech firm BharatPe has demonstrated remarkable growth over the past three fiscal years, with revenue increasing from Rs 119 crore in FY21 to Rs 1,426 crore in the fiscal year ending March 2024. In its consolidated annual report for FY24, BharatPe claimed a 39% year-on-year revenue increase, rising from Rs 1,029 crore in FY23 to Rs 1,426 crore in FY24. Additionally, the company made significant progress in reducing losses, with consolidated losses dropping by 50% to Rs 474 crore in FY24, down from Rs 941 crore in FY23. According to the press release, BharatPe’s average merchant lending portfolio, generated from loans facilitated through its platform, grew by 40% year-on-year in the last fiscal year. The company also achieved positive EBITDA in October of this year. “We considerably slashed our cash burn in FY24 and are on track to build a sustainable and profitable business. Over the last year, we have been able to partner with renowned financial institutions to extend credit access to merchants, which is a great validation for our business. Going forward, we will focus on growing our lending vertical, launching new offerings across POS, soundbox, and scaling our consumer vertical,” said Nalin Negi, CEO of BharatPe. In addition to reducing losses, BharatPe has diversified into new categories to drive business growth. Recently, the company rebranded its PostPe app to BharatPe, marking its entry into the consumer payments space. This strategic move places BharatPe in direct competition with industry giants like PhonePe, Google Pay, and Paytm in the peer-to-peer (P2P) payments ecosystem. The fintech unicorn has also ventured into secured lending for its merchant partners. Through partnerships with OTO Capital and Vol Money, BharatPe now facilitates two-wheeler loans and loans against mutual funds, respectively. Additionally, BharatPe has resolved its longstanding dispute with former co-founder and managing director Ashneer Grover.

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