Fintech majors BharatPe Group and PhonePe Group on May 26 amicably resolved their protracted legal battle relating to the use of trademarks bearing the suffix „Pe“.
According to the press release, the parties have subsequently taken steps to withdraw all oppositions against each other in the Trademark Registry, which will allow each party to register their respective trademarks.
The organisations also said they would take other steps necessary to fulfil their obligations under the settlement agreement in all litigation before the Delhi High Court and the Bombay High Court.
The fintech company has been embroiled in legal battles in multiple courts over the past five years, and this settlement marks an end to all public judicial proceedings.
The move to resolve all legal disputes is a positive development for the industry, Bharatpe's board chairman Rajnish Kumar said.
„I appreciate that the management teams of both companies are working closely to resolve all outstanding legal matters and moving forward to focus their energies and resources on building a strong digital payments ecosystem,“ he said.