Rakesh Deshmukh: Rakesh Deshmukh steps down as CEO of PhonePe-owned Indus Appstore

Deshmukh, along with Indian Institute of Technology-Bombay alumni Akash Dongre and Sudhir Bangarambandi, founded the company in 2013. Then named Indus OS, it was renamed Indus Appstore recently.

Through its app marketplace App Bazaar, the platform allows users to discover and access mobile applications in their own language.

“As I step down from the CEO role, I’m taking a moment to recharge and prepare for the next impactful journey,” Deshmukh wrote in a post on professional networking platform Linkedin.

Confirming Deshmukh’s exit, a PhonePe spokesperson told ET, “Akash, Sudhir, and the entire Indus team remain steadfast in their commitment to advancing the shared vision for the Indus Appstore, which Rakesh played a pivotal role in nurturing over the past decade.”

Dongre and Bangarambandi continue with Indus Appstore as chief product officer and chief technology officer.

Discover the stories of your interest

Walmart-backed PhonePe acquired Indus Appstore parent OSLabs for $90 million in May 2022, after reaching an out-of-court settlement with its then majority shareholder Affle Global.ET was the first to report about the legal spat between Affle Global and PhonePe over the acquisition.

With the acquisition, PhonePe had ambitions to launch its Android mobile app marketplace to take on the likes of Google and Apple in India.

Last year, PhonePe announced the launch of Indus Appstore developer platform and opened it to other Android developers in a bid to challenge the duopoly of Google and Apple.

The digital payments company said that its developer platform would be free for developers for the first year, after which a nominal annual fee would apply.

It had also stated that the app store would not charge developers any platform commission for in-app payments, to rival the 30% commission charged by Apple and Google.

Before its acquisition by PhonePe, Indus Appstore was backed also by the likes of Omidyar Network India, Samsung Ventures, JSW Ventures and Titan Capital.

Deshmukh, along with Indian Institute of Technology-Bombay alumni Akash Dongre and Sudhir Bangarambandi, founded the company in 2013. Then named Indus OS, it was renamed Indus Appstore recently.

Through its app marketplace App Bazaar, the platform allows users to discover and access mobile applications in their own language.

“As I step down from the CEO role, I’m taking a moment to recharge and prepare for the next impactful journey,” Deshmukh wrote in a post on professional networking platform Linkedin.

Confirming Deshmukh’s exit, a PhonePe spokesperson told ET, “Akash, Sudhir, and the entire Indus team remain steadfast in their commitment to advancing the shared vision for the Indus Appstore, which Rakesh played a pivotal role in nurturing over the past decade.”

Dongre and Bangarambandi continue with Indus Appstore as chief product officer and chief technology officer.

Discover the stories of your interest

Walmart-backed PhonePe acquired Indus Appstore parent OSLabs for $90 million in May 2022, after reaching an out-of-court settlement with its then majority shareholder Affle Global.ET was the first to report about the legal spat between Affle Global and PhonePe over the acquisition.

With the acquisition, PhonePe had ambitions to launch its Android mobile app marketplace to take on the likes of Google and Apple in India.

Last year, PhonePe announced the launch of Indus Appstore developer platform and opened it to other Android developers in a bid to challenge the duopoly of Google and Apple.

The digital payments company said that its developer platform would be free for developers for the first year, after which a nominal annual fee would apply.

It had also stated that the app store would not charge developers any platform commission for in-app payments, to rival the 30% commission charged by Apple and Google.

Before its acquisition by PhonePe, Indus Appstore was backed also by the likes of Omidyar Network India, Samsung Ventures, JSW Ventures and Titan Capital.