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settlement will put an end to all open judicial proceedings," the announcement said, adding that the companies have withdrawn all oppositions against each other in the trademark registry.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.)
Featured Video Of The Day
Indian Navy Submarine Collides With Fishing Boat Off Goa, 2 Fishermen Missing
Amazon Employee Greets Friend At Wedding, Dies Of Cardiac Arrest AAP's 7 'Revdis' Ahead Of Delhi Polls: Electricity, Education, Elderly Indian Student In US Accidentally Shoots Himself Dead While Celebrating Birthday Varun Dhawan Joins LinkedIn, Fans Joke: Do We Need To Send Him Our CVs Now? Odisha Teachers Eligibility Test Results Released, Check Steps To Download 'Congress Allowed Illegal Migration Of Foreign Militants': JP Nadda On Manipur Track Latest News Live on NDTV.com and get news updates from India and around the world.