BharatPe and PhonePe on May 26 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 last five years. The settlement will put an end to all open judicial proceedings.
As the next step, the two parties have already agreed to withdraw all oppositions against each other in the trademark registry which will help them to proceed with the registration of their respective marks, according to an official release.
Moreover, both organisations will undertake to take other necessary steps to comply with the obligations under the settlement agreement in respect of all cases before the Delhi High Court and the Bombay High Court.
Hailing the decision, Rajnish Kumar, Chairman of the Board of 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 on building robust digital payment ecosystems.’’
Highlighting the collective approach to the issue, Sameer Nigam, Founder and CEO of PhonePe, said he is glad over the 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 Mr. Rajnish Kumar and his team for working with us to get to this positive outcome,” he said.
