Fintech platform PhonePe withdrew its petition against rival platform BharatPe Buy Now Pay Later (BNPL) Postpe which alleged violation of the PhonePe's trademark. The company said it would now file a fresh suit.
PhonePe went to the Bombay High Court seeking an injunction to restrain BharatPe's parent Resilient Innovation from misusing PhonePe's registered trademarks by use and promotion of the marks 'PostPe'/'postpe', the company said in a statement on Friday. The Court observed that the mark was phonetical, structurally and visually similar, affirming PhonePe's allegations. The court added that Postpe/postpe is a natural evolution and emenation of the 'PhonePe' mark.
"However, to address certain observations made by the Court in the pleadings filed by PhonePe, the suit was withdrawn with liberty to file a fresh suit challenging the adoption of mark PostPe/postpe by Resilient Innovations," PhonePe said. It added that the company would "ardently oppose" the use of contested marks.
When contacted, a BharatPe spokesperson told PTI that the company does not want to comment on any part of Friday's proceedings in the Bombay High Court that have not been recorded in the order passed.
"In order to maintain the dignity of the legal process, we would await receipt of the order passed by the Hon'ble Bombay High Court yesterday. The bottom line remains that PhonePe has withdrawn the suit it filed against our use of postpe. Needless to say, we will continue to strongly defend any legal action that PhonePe threatens to institute against us," BharatPe spokesperson informed.