Fintech majors PhonePe and BharatPe have amicably settled all long-standing legal disputes on the use of the trademark with the suffix ‘Pe’. The two companies had been involved in multiple judicial proceedings in various courts over the trademark issue for over five years.
Both will withdraw all opposition against each other in the trademark registry, allowing them to proceed with the registration of their respective marks. They will also take necessary steps to comply with obligations under the agreement related to cases in the Delhi and Bombay high courts.
Rajnish Kumar, chairman of BharatPe’s Board, said this was 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,’’ Kumar said in a joint statement.
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Sameer Nigam, founder and CEO of PhonePe, said the amicable resolution would benefit both companies and the Indian fintech industry. “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,” Nigam said.
From: financialexpress
Financial News
