BharatPe and PhonePe will carry out other necessary steps under the settlement (Representational)
The BharatPe Group and PhonePe Group today announced they have amicably settled all long-standing legal disputes over using the trademark with the suffix "Pe". This comes after a long-drawn legal dispute across multiple courts over the last 5 years.
"The settlement will put an end to all open judicial proceedings," the announcement said, adding that the companies have withdrawn all oppositions against each other in the trademark registry.
Rajnish Kumar, Chairman of the Board, BharatPe called the move "a positive development for the industry", while appreciating "the maturity and professionalism shown by the Management of both sides".
He added that this would help the companies move "ahead to focus their energy and resources in building robust digital payment ecosystems".
Both organisations will also carry out other necessary steps to comply with the obligations under the settlement agreement with respect to all cases before the Delhi and Bombay High Courts.
Sameer Nigam, founder and CEO of PhonePe, expressed happiness over the “amicable resolution”.
He noted that the outcome would help both companies "focus collective energy on growing the Indian fintech industry as a whole".
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)