New Delhi [India], May 27 : BharatPe Group and PhonePe Group have amicably settled all long-standing legal disputes pertaining to the use of the trademark with the suffix 'Pe', a joint statement read.
Both companies had been involved in long-drawn legal disputes across multiple courts, over the past five years.
"The settlement will put an end to all open judicial proceedings," the joint statement dated May 26 read.
As a next step, they have already taken steps to withdraw all oppositions against each other in the trademark registry which will help them to proceed with the registration of their respective marks.
Further, both organizations will undertake other necessary steps to comply with the obligations under the settlement agreement in respect of all cases before the Delhi High Court and Bombay High Court, the statement said.
Rajnish Kumar, Chairman of the Board, of BharatPe, 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.''
Sameer Nigam, Founder and CEO of PhonePe, 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. I would like to thank Mr Rajnish Kumar and his team for working with us to get to this positive outcome."
BharatPe, the brand name of Resilient Innovations Pvt Ltd, was founded in 2018. Currently with a registered network of over 1.3 crore merchants across 450+ cities, the company is one of the leading players in UPI offline transactions, processing 370 million+ UPI transactions per month.
PhonePe Group is also India's leading fintech company. Its flagship product, the PhonePe digital payments app, was launched in August 2016.
In seven years, the company has scaled rapidly to become India's leading consumer payments app with 535+ million registered users and a digital payments acceptance network of 39+ million merchants.
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