• Finclable News

PhonePe and BharatPe prepares for court trials

Walmart owned payments fintech PhonePe has decided force a full trial against, The issue is regarding the PhonePe "Pe" suffix which led PhonePe to file a commercial lawsuit against its competitor BharatPe.

The injuction plea was filed in 2018 and it has been two years since that, Due to the slow process, PhonePe decided to have a full trial of this case.

Bangalore based PhonePe was started in December 2015 as wallet service but its real game changer point came when in August 2016 it launched its upi payments in partnership with Yes Bank and NPCI, A Government of India initiative.

PhonePe is founded by 3 ex flipsters, Sameer Nigam a Wharton Grad, Rahul Chari a Purdue alumnus and Burzin Engineer an University of Southern California grad.

B2B2C digital payments fintech BharatPe has its headoffice in Delhi, Its based on BharatQR which has one QR for all the UPI apps.

Bharat Pe founders include Sequoia Capital, Insight Venture Partners, Coatue Management, Steadview Capital, Ribbit Capital, BEENEXT, Trifecta Capital, Amplo, Sequoia Capital India, Nitin Gupta, Sanjay Rishi, Nipun Mehra, Insight Partners.

BharatPe is founded by Ashneer Grover an IIT Delhi and IIM Ahmedabad alumnus, he has worked at Grofers, PC Jewellers, American Express and Kotak Investment Banking, Ashneer has Shashvat Nakrani again an IIT Delhi alumnus as Cofounder of BharatPe.

PhonePe competes with Paytm, Google Pay, Mobikwik and Freecharge in Indian digital payments ecosystem.

While BharatPe competitors include VocaLink, Wingocard, Mamo Pay and eXPO in QR based payments space.