Rakesh Deshmukh steps down as CEO of PhonePe-owned Indus Appstore
Rakesh Deshmukh, cofounder of PhonePe-owned app discovery platform Indus Appstore, formerly IndusOS, has stepped down from his role as chief executive and left the company.
Deshmukh, along with IIT Bombay alumni Akash Dongre and Sudhir Bangarambandi, founded Indus OS in 2013. Through its app marketplace App Bazaar, the platform allowed users to discover and access mobile applications in their own language.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Digital TransformationVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisit“I was fortunate to work with (PhonePe cofounder) Sameer Nigam and learned a lot under his guidance. He is an exceptional team leader and shares the same belief in India's Appstore as I do. As I step down from the CEO role, I'm taking a moment to recharge and prepare for the next impactful journey,” Deshmukh added.
Walmart-backed PhonePe completed the acquisition of Indus Appstore parent OSLabs for $90 million in May 2022 after reaching an out-of-court settlement with 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 tech behemoths Google and Apple in India.
“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
