• | 3:00 pm

BharatPe, PhonePe settle trademark row over ‘Pe’ suffix

The settlement will end all open judicial proceedings, enabling both the fintech unicorns to register their respective trademarks

BharatPe, PhonePe settle trademark row over ‘Pe’ suffix
[Source photo: Chetan Jha]

Drawing curtains on a five-year legal battle, fintech unicorns BharatPe and PhonePe have announced the amicable settlement of their dispute over using the suffix ‘Pe’.

The settlement will end all open judicial proceedings, the companies said in a joint statement, adding that both entities have taken steps to withdraw complaints lodged against each other in the trademark registry, enabling them to register their respective trademarks.  

The row over the trademark “Pe” suffix in their names began in August 2018 when PhonePe asked BharatPe to stop suing ‘Pe’ in the Devanagri script. 

Set up in 2015, PhonePe has more than 520 million registered users and a network of about 38 million merchants. The company processes more than 230 million daily transactions, 0r 7.01 billion monthly payments, with an annualized total payment value (TPV) of $1.5 trillion.

BharatPe, on the other hand, was established in 2018, and currently has a network of over 13 million merchants across 450 cities. It processes more than 370 million UPI transactions per month, with an annualized transaction processed value of over ₹1.7 trillion, or $20.73 billion. 

BharatPe chairman Rajnish Kumar 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 on building a robust digital payment ecosystem.”

With this, both companies will fulfill obligations under the settlement agreement concerning cases filed before the Delhi and Bombay high courts.

PhonePe founder and chief executive Officer Sameer Nigam said, “I am glad we have reached an amicable resolution in this matter. This outcome will benefit both companies moving forward and focusing our collective energy on growing the Indian fintech industry as a whole.” 

More Top Stories: