Indus Appstore Co-founder and Chief Product Officer Akash Dongre has stepped down from the PhonePe-owned app marketplace, marking the departure of the last remaining co-founder from the company that set out to build India’s homegrown alternative to global app stores.
Dongre’s exit comes nearly four years after PhonePe acquired Indus OS in July 2022 and follows the departures of fellow co-founders Rakesh Deshmukh and Sudhir Bangarambandi in 2023 and 2025, respectively.
End of a founding chapter
Announcing his departure, Dongre reflected on his journey at Indus Appstore and PhonePe, describing the experience as one of the most rewarding phases of his career.
“The four years have been among the most rewarding of my career, working alongside some of the sharpest product, engineering and business minds I’ve known, inside one of India’s most important consumer technology companies,” he said.
While he did not disclose his next move, Dongre hinted at returning to entrepreneurship after taking time to recharge and reflect.
“I don’t know exactly what comes next. But I know this: I love building. And I have a feeling another chapter isn’t far off,” he added.
Building a Made-in-India app marketplace
Since its launch, Indus Appstore has positioned itself as an indigenous app marketplace designed for Indian consumers. The platform supports 12 Indian languages in addition to English and aims to improve app discovery and accessibility across the country.
The marketplace was created as a local alternative to dominant global app distribution platforms, leveraging India’s linguistic diversity and growing digital adoption.
According to Dongre, Indus Appstore now serves more than 150 million users, highlighting the platform’s rapid scale-up within India’s digital ecosystem.
Strategic partnerships fuel expansion
A key part of Indus Appstore’s growth strategy has been forging partnerships with smartphone manufacturers to expand distribution.
In March 2025, PhonePe entered into a multi-year partnership with Xiaomi India under which Indus Appstore began shipping as the default app marketplace on Xiaomi smartphones sold in the country, replacing the company’s existing GetApps platform.
The app marketplace has also secured partnerships with Motorola and Alcatel, helping strengthen its reach across Android device users.
These alliances have played an important role in increasing visibility and adoption of the platform among Indian consumers.
Transition comes amid PhonePe’s broader growth plans
Dongre’s departure comes at a time when PhonePe continues to expand its presence beyond payments into a wider range of digital services.
The Walmart-owned fintech company had been preparing for a public listing but deferred its IPO plans in March 2025, citing market volatility and geopolitical uncertainties.
With all three Indus Appstore co-founders now having exited, the company enters a new phase of leadership as it looks to build on its user base and deepen its position in India’s app distribution ecosystem.