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Tag: BharatPe

  • BharatPe, PhonePe settle 5-year long trademark disputes related to ‘Pe’ suffix

    BharatPe, PhonePe settle 5-year long trademark disputes related to ‘Pe’ suffix

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    BharatPe Group and PhonePe Group have “amicably settled” all long-standing legal disputes pertaining to the use of the trademark with the suffix ‘Pe’, the companies said in a joint release.

    The fintechs have been involved in a long-drawn legal dispute across multiple courts for the past five years. The settlement will put an end to all open judicial proceedings. “This is a positive development for the industry. I appreciate the maturity and professionalism shown by the managements 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,” said Rajnish Kumar, Chairman of BharatPe Board.

    “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,” the release said.

    Further, both entities will undertake other necessary steps to comply with the obligations under the settlement agreement in respect of all cases before the Delhi and Bombay High Courts.

    Sameer Nigam, Founder and CEO PhonePe said, “’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”.

    BharatPe, brand name of Resilient Innovations, was founded in 2018 when it launched India’s first UPI interoperable QR code for zero MDR payment acceptance service. It also operates the card acceptance terminal — BharatPe Swipe, and has 1.3 crore registered merchants across over 450 cities. It processes over 37 crore UPI transactions per month with annualised Transaction Processed Value (TPV) of ₹1.7-lakh crore.

    PhonePe Group’s digital payments app PhonePe was launched in August 2016. The platform has 53.5 crore registered users and a digital payments acceptance network of 3.9 crore merchants. It processes over 25.5 crore daily transactions with an annualised TPV of $1.5 trillion.

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  • What Sanjeev Bikhchandani said about the ‘bound to polarise’ epilogue from Ashneer Grover’s ‘Doglapan’

    What Sanjeev Bikhchandani said about the ‘bound to polarise’ epilogue from Ashneer Grover’s ‘Doglapan’

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    Sanjeev Bikhchandani, founder of Info Edge, which runs job portal Naukri.com, said in a Twitter thread on Wednesday that “taking a company to scale, profit and an IPO in India takes a decade and a half or more”.

    He was reacting to an epilogue from former BharatPe founder Ashneer Grover’s book ‘Doglapan’, which talked about secondary share sales by founders, with a sub-head that read, “Don’t be a martyr to your own cause: Founder liquidity first.”

    In the passage that Bikhchandani shared on Twitter, Grover wrote, “I’ve given more cash exits to my angels and ESOP holders than any other founder in India– not one person, however, was thankful enough to publicly stand by me (during his acrimonious exit from BharatPe). People made 80-250x returns, and bought homes and cars. I had to literally beg some angels to sell in earlier rounds– they were that greedy. Also, make sure that all secondary sales can only happen through you– never make the mistake of letting them sell in the open market.”

    “We don’t want founders who want to sell secondary early. Truly great companies are the result of a group of people (including founders) devoting a lifetime – Google, Microsoft, Facebook are testimony to this,” said Bikhchandani in a tweet while saying the passage is “bound to polarise”.

    “We are long-term investors – our balance sheet capital is evergreen. Our fund has a life of twelve plus two years. We are therefore uncomfortable when founders want to do secondaries prematurely,” he added.

    Bikhchandani, who has invested in tech companies like Zomato and Policybazaar, said that if founders encash some value early through a secondary share sale, then their hunger to succeed would be sated and they would not try “hard enough” to maximise value for everyone.

    “Taking a company to scale, profit and an IPO in India takes a decade and a half or more. So investors and founders need to be patient and persistent. We first invested in Policybazaar fourteen years back and we are still there. We first invested in Zomato twelve years back and we are still there. We are long term investors – our balance sheet capital is evergreen. Our fund has a life of twelve plus two years. We seek entrepreneurs who want to run the company for the rest of their lives if needed. We don’t want founders who want to sell secondary,” Bikhchandani added.

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