Fintech unicorns BharatPe Group and PhonePe Group have amicably settled all long-standing legal disputes pertaining to the use of the trademark with the suffix 'Pe', both companies said in a joint statement.
BharatPe and PhonePe had been involved in long-drawn legal disputes across multiple courts, over the course of the last five years. The settlement will put an end to all open judicial proceedings, the statement said.
"BharatPe and PhonePe amicably settled all long-standing trademark disputes," the statement said.
As a next step, parties have already taken steps to withdraw all opposition against each other in the trademark registry, which will help them to proceed with the registration of their respective trademarks, the statement 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 in building robust digital payment ecosystems," BharatPe, Chairman of the Board, Rajnish Kumar said.
Both organizations will undertake to take 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.
"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," PhonePe, Founder and CEO, Sameer Nigam said.
