The BharatPe Group and PhonePe Group stated on Sunday that they had reached an amicable settlement of the long-standing legal challenges over the use of the "Pe" suffix in their trademarks. This follows a lengthy legal struggle that has spanned various courts for the past five years.
Rajnish Kumar, Chairman of the Board at BharatPe, termed this agreement as a positive development for the industry. He said that the maturity and professionalism shown by the management of both sides are exemplary.
"The settlement will put an end to all open judicial proceedings," the statement said, adding that the companies have withdrawn all oppositions against each other in the trademark registry.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".
Kumar said this settlement will allow the firms to channel focus and energy toward strengthening their respective digital payment ecosystems. Besides, both organizations have agreed to discharge their respective obligations arising out of the settlement order with regard to cases before the Delhi and Bombay High Courts.
PhonePe founder and CEO Sameer Nigam said he was satisfied with the amicable resolution. "Now, both organizations can focus our resources on enhancing the Indian fintech sector," he added.
In all, the truce is a welcome turn, leading the environment to be of cooperation and mutual growth of the industry.
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