Indian Fintech companies BharatPe and PhonePe on Sunday announced settling long-standing legal disputes pertaining to the use of the trademark with the suffix ‘Pe’.
The two companies had been involved in long-drawn legal disputes across multiple courts for over a period of five years. The settlement will put an end to all open judicial proceedings, said the payment service providers in a joint press release.
“The two 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 press release stated.
Further, both organizations 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 Bombay High Court.
Calling the move a positive development, Bharatpay board chairman Rajnish Kumar said, “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.’’
PhonePe CEO and founder, Sameer Nigam,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. I would like to thank Mr. Rajnish Kumar and his team for working with us to get to this positive outcome.”