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PhonePe-owned Indus Appstore co-founder Rakesh Deshmukh resigns; Here's why

ISN Team
New Update
Rakesh Deshmukh

Rakesh Deshmukh, co-founder of the Indus Appstore, previously known as Indus OS, recently announced his departure from the company.

Deshmukh, along with IIT-Bombay alumni Akash Dongre and Sudhir Bangarambandi, founded the company in 2013. The platform, known for its app marketplace, App Bazaar, enables users to access mobile applications in various Indian languages.

The development comes as the company prepares to launch its Android mobile app marketplace, which is also aimed at challenging Google's Play Store dominance in the Indian market.

What will be the future of Indus Appstore?


Despite Deshmukh's departure, the remaining co-founders, Dongre and Bangarambandi, will continue with their roles as chief product officer and chief technology officer, respectively. 

"We wish Rakesh the very best for his future endeavors. 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" said a PhonePe spokesperson.

In May 2022, The company, acquired by PhonePe in May 2022, has been a significant player in the tech industry, offering localized solutions to Indian users and supporting multiple Indian languages.

Indus Appstore's strategic moves

The Indus Appstore has made notable strides in the tech industry. It has built partnerships with several Indian mobile brands and has an impressive user base of over 200 million.

The platform is backed by notable investment firms like Omidyar Network India, VenturEast, and Samsung Ventures. Recently, it announced onboarding apps from major real-money game developers and has struck partnerships with device makers like Nokia and Lava.

A zero-fee model to challenge giants

In a bold move, Indus Appstore recently announced a zero per cent fee on in-app purchases, directly challenging the fee structure of giants like Google. The company did this to attract more developers, offering them the option to list their apps in 12 Indian languages and providing dedicated India-based support and account managers.

"In 2013, Akash Dongre, Sudhir Bangarambandi, and I set out on a journey to create something meaningful. Indus OS became our canvas, and together, we painted a story of innovation and impact that I'm immensely proud of. Today, as I bid farewell to the role of CEO, I reflect on the incredible milestones we achieved," Deshmukh wrote in a LinkedIn post. 

"As I step down from the CEO role, I'm taking a moment to recharge and prepare for the next impactful journey," he added.

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