Both BharatPe and PhonePe said that all legal disputes on using the suffix "Pe" in their trademarks have been settled.
The two fintech companies, who had been involved in court cases for the previous five years, together issued a statement reporting the settlement.
There will be no further court cases after the resolution. The two businesses are now free to move on with their individual trademark applications because they have already taken action to revoke their opposition to each other's trademark registrations.
In their joint statement, BharatPe and PhonePe committed to taking all necessary actions to comply with the settlement agreement concerning the cases pending before the Delhi and Bombay High Courts.
Rajnish Kumar, Chairman of the Board at BharatPe, welcomed the settlement, stating, "This is a positive development for the industry. I appreciate the maturity and professionalism shown by the management of both sides in resolving all outstanding legal issues and focusing on building robust digital payment ecosystems."
Sameer Nigam, founder and CEO of PhonePe, expressed his satisfaction with the outcome, saying, "I am glad that we have reached an amicable resolution. This outcome will allow both companies to concentrate our efforts on growing the Indian fintech industry as a whole."
