BharatPe Group and PhonePe Group said that they have amicably settled all long-standing legal disputes with regard to the use of the trademark with the suffix ‘Pe’. The Fintech unicorns have been involved in long-drawn legal disputes across multiple courts for the last five years. The settlement will put an end to all open judicial proceedings, the companies said.
A QR code for the PhonePe digital payment system at a store in Mumbai. (Bloomberg)
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Following this, the companies took steps to withdraw all opposition against each other in the trademark registry. This will help the companies to proceed with the registration of their respective trademarks, the statement said.
Hailing the decision, BharatPe, Chairman of the Board, Rajnish Kumar 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.”
The companies will also 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, they said.
PhonePe, Founder and CEO, 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.”
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PhonePe, Founder and CEO, 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.”
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Home/Business/BharatPe, PhonePe on trademark dispute over 'Pe' suffix: ‘Amicably settled’
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