The settlement will end all open legal proceedings, which have been ongoing for five years.
The two companies were involved in long-running disputes in multiple courts.
As a next step, BharatPe and PhonePe have already taken steps to remove all oppositions against each other in the Trademark Registry, which will help them proceed with the registration of their respective trademarks.
In addition, both organizations will take other necessary steps to comply with the obligations arising from the Settlement Agreement in all matters before the Delhi High Court and the Bombay High Court.
“This is a positive development for the industry. I appreciate the maturity and professionalism demonstrated by the leadership of both parties, working closely to resolve all outstanding legal issues and moving forward focusing their energy and resources on building robust digital payment ecosystems,” said Rajnish Kumar, Chairman of the Board, BharatPe.
Sameer Nigam, Founder and CEO of PhonePe, added: “This outcome will enable both companies to move forward and focus our collective energy on growing the Indian fintech industry as a whole. »
In 2019, PhonePe accused BharatPe of illegally using the suffix “Pe” in its app, in both English and Hindi. Asserting its trademark rights to the name, PhonePe sought an injunction in a lawsuit against the Tiger Global-backed company.
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