BharatPe and PhonePe announced on Sunday, May 26, that they have amicably settled all long-standing legal disputes about using the trademark with the suffix ‘Pe’.
“BharatPe and PhonePe amicably settled all long-standing trademark disputes,” a joint statement released on Sunday said.
Both the leading fintech unicorns 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 joint statement added.
The joint statement further added that both companies 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 further added that both entities will undertake to take other necessary steps to comply with the obligations under the settlement agreement in respect of all cases before the Delhi and Bombay High Courts.
Rajnish Kumar, Chairman of the Board, 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 in building robust digital payment ecosystems”.
“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.
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Published: 26 May 2024, 06:41 PM IST
